Here are the key factors to keep in mind today for British Pound trades:
- British Industrial Production and British Manufacturing Production: British Industrial Production for January is predicted to decrease by 0.5% monthly and to increase by 3.2% annualized. Forex traders can compare this to British Industrial Production for December which increased by 1.1% monthly by 4.3% annualized. British Manufacturing Production for January is predicted to decrease by 0.7% monthly and to increase by 2.9% annualized. Forex traders can compare this to British Manufacturing Production for December which increased by 2.1% monthly and by 4.0% annualized.
- British Construction Output Seasonally Adjusted: British Construction Output Seasonally Adjusted for January is predicted to decrease by 0.4% monthly and to increase by 0.2% annualized. Forex traders can compare this to British Construction Output Seasonally Adjusted for December which increased by 1.8% monthly and by 0.6% annualized.
- British Trade Balance: The British Visible Trade Balance for January is predicted at -£11.100B. Forex traders can compare this to the British Visible Trade Balance for December which was reported at -£10.890B. The British Trade Balance Non EU for January is predicted at -£2.425B. Forex traders can compare this to the British Trade Balance Non EU for December which was reported at -£2.114B. The British Total Trade Balance for January is predicted at -£3.100B. Forex traders can compare this to the British Total Trade Balance for December which was reported at -£3.304B.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for February is predicted to increase by 0.6% monthly. Forex traders can compare this to the British NIESR GDP Estimate for January which increased by 0.7% monthly.
Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for February is predicted to show 200K job additions and an unemployment rate of 4.7%. Forex traders can compare this to the US NFP Report for January which showed 227K job additions and an unemployment rate of 4.8%. Private Payrolls for February are predicted to show 200K job additions and Manufacturing Payrolls 9K job additions. Forex traders can compare this to Private Payrolls for January which showed 237K job additions and Manufacturing Payrolls which showed 5K job additions. The Average Work Week for February is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for January which was 34.4 hours. Average Hourly Earnings for February are predicted to increase by 0.3% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for January which increased by 0.1% monthly and by 2.5% annualized.
- US Monthly Budget Statement: The US Monthly Budget Statement for February is predicted at -$152.0B. Forex traders can compare this to the US Monthly Budget Statement for January which was reported at $51.3B.
Should price action for the GBPUSD remain inside the or breakout above the 1.2125 to 1.2175 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2150
- Take Profit Zone: 1.2700 – 1.2750
- Stop Loss Level: 1.1975
Should price action for the GBPUSD breakdown below 1.2125 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2075
- Take Profit Zone: 1.1750 – 1.1800
- Stop Loss Level: 1.2175
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
