Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: UK Jobless Claims Change for May were reported at -0.4K and the Claimant Count Rate was reported at 2.2%. Economists predicted a reading of 0.0K and 2.1%. Forex traders can compare this to UK Jobless Claims Change for for April which were reported at 6.4K and the Claimant Count Rate which was reported at 2.2%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in April was reported at 55K and the ILO Unemployment Rate at 5.0%. Economists predicted a reading of 60K and 5.1%. Forex traders can compare this to the UK Employment Change for March which was reported at 44K and to the ILO Unemployment Rate which was reported at 5.1%. Average Weekly Earnings for the tri-monthly period ending in April increased by 2.0% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.3% annualized. Economists predicted an increase of 1.7% and of 2.0%. Forex traders can compare this to Average Weekly Earnings for March which increased by 2.0% and Average Weekly Earnings Excluding Bonuses which increased by 2.2%.
Here are the key factors to keep in mind today for US Dollar trades:
- US PPI: The US PPI for May is predicted to increase by 0.3% monthly and to decrease by 0.1% annualized. Forex traders can compare this to the US PPI for April which increased by 0.2% monthly and which was reported flat at 0.0% annualized. The US Core CPI for May is predicted to increase by 0.1% monthly and by 1.0% annualized. Forex traders can compare this to the US Core PPI for April which increased by 0.1% monthly and by 0.9% annualized.
- US Industrial Production and Manufacturing Production: US Industrial Production for May is expected to decrease by 0.2% monthly and Manufacturing Production is expected to decrease by 0.1% monthly. Forex traders can compare this to US Industrial Production for April which increased by 0.7% monthly and Manufacturing Production which increased by 0.3% monthly.
- US FOMC Interest Rate Decision: The US FOMC Interest Rate Decision is expected to show interest rates at 0.50%. Forex traders can compare this to the previous US FOMC Interest Rate Decision which showed interest rates at 0.50%.
Should price action for the GBPUSD remain inside the or breakout above the 1.4150 to 1.4200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4175
- Take Profit Zone: 1.4700 – 1.4750
- Stop Loss Level: 1.4050
Should price action for the GBPUSD breakdown below 1.4150 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4125
- Take Profit Zone: 1.4000 – 1.4050
- Stop Loss Level: 1.4175
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
