Here are the key factors to keep in mind today for British Pound trades:
- UK Halifax House Price Index: The UK Halifax House Price Index for June decreased by 1.0% monthly and increased by 2.6% tri-monthly annualized. Economists predicted an increase of 0.2% monthly and of 3.1% tri-monthly annualized. Forex traders can compare this to the UK Halifax House Price Index for May which increased by 0.3% monthly and by 3.3% tri-monthly annualized.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for May decreased by 0.1% monthly and by 0.2% annualized. Economists predicted an increase of 0.5% monthly and of 0.2% annualized. Forex traders can compare this to UK Industrial Production for April which increased by 0.2% monthly and which decreased by 0.8% annualized. UK Manufacturing Production for May decreased by 0.2% monthly and increased by 0.4% annualized. Economists predicted an increase of 0.4% monthly and of 0.9% annualized. Forex traders can compare this to UK Manufacturing Production for April which increased by 0.2% monthly and which was reported flat at 0.0% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for May decreased by 1.2% monthly and by 0.3% annualized. Economists predicted an increase of 0.7% monthly and of 1.1% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for April which decreased by 1.1% monthly and by 0.1% annualized.
- UK Trade Balance: The UK Visible Trade Balance for May was reported at -£11.860B. Economists predicted a figure of -£10.850B. Forex traders can compare this to the UK Visible Trade Balance for April which was reported at -£10.590B. The UK Trade Balance Non EU for May was reported at -£3.796B. Economists predicted a figure of -£2.450B. Forex traders can compare this to the UK Trade Balance Non EU for April which was reported at -£2.620B. The UK Total Trade Balance for May was reported at -£3.073B. Economists predicted a figure of -£2.500B. Forex traders can compare this to the UK Total Trade Balance for April which was reported at -£2.050B.
Here is the key factor to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for June is predicted to show 178K job additions and an unemployment rate of 4.3%. Forex traders can compare this to the US NFP Report for May which showed 138K job additions and an unemployment rate of 4.3%. Private Payrolls for June are predicted to show 173K job additions and Manufacturing Payrolls 5K job additions. Forex traders can compare this to Private Payrolls for May which showed 147K job additions and Manufacturing Payrolls which showed 1K job losses. The Average Work Week for June is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for May which was 34.4 hours. Average Hourly Earnings for June are predicted to increase by 0.3% monthly and by 2.6% annualized. Forex traders can compare this to Average Hourly Earnings for May which increased by 0.2% monthly and by 2.5% annualized.
Should price action for the GBPUSD remain inside the or breakout above the 1.2880 to 1.2920 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2900
- Take Profit Zone: 1.3340 – 1.3380
- Stop Loss Level: 1.2800
Should price action for the GBPUSD breakdown below 1.2880the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2860
- Take Profit Zone: 1.2710 – 1.2740
- Stop Loss Level: 1.2920
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
