Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for February was reported at -11.3K and the Claimant Count Rate was reported at 2.1%. Economists predicted a reading of -5.0K and 2.1%. Forex traders can compare this to the UK Jobless Claims Change for January which were reported at -42.4K and the Claimant Count Rate which was reported at 2.1%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in January was reported at -31K and the ILO Unemployment Rate was reported at 4.7%. Economists predicted a reading of 80K and 4.8%. Forex traders can compare this to the UK Employment Change for December which was reported at 37K and to the ILO Unemployment Rate which was reported at 4.8%. Average Weekly Earnings for the tri-monthly period ending in January increased by 2.2% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.3% annualized. Economists predicted an increase of 2.4% and of 2.5%. Forex traders can compare this to Average Weekly Earnings for December which increased by 2.6% and Average Weekly Earnings Excluding Bonuses which increased by 2.6%.
Here are the key factors to keep in mind today for US Dollar trades:
- US Empire Manufacturing Index: The US Empire Manufacturing Index for March is predicted at 15.00. Forex traders can compare this to the US Empire Manufacturing Index for February which was reported at 18.70.
- US CPI: The US CPI for February is predicted flat at 0.0% monthly and to increase by 2.7% annualized. Forex traders can compare this to the US CPI for January which increased by 0.6% monthly and by 2.5% annualized. The US Core CPI for February is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the US Core CPI for January which increased by 0.3% monthly and by 2.3% annualized.
- US Advanced Retail Sales: US Advanced Retail Sales for February are predicted to decrease by 0.1% monthly and Retail Sales Less Autos are predicted to increase by 0.1% monthly. Forex traders can compare this to US Advanced Retail Sales for January which increased by 0.4% monthly and to Retail Sales Less Autos which increased by 0.8% monthly. Retail Sales Less Autos and Gas for February are predicted to increase by 0.2% monthly and Retail Sales Control Group are predicted to increase by 0.1% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for January which increased by 0.7% monthly and to Retail Sales Control Group which increased by 0.4% monthly.
- US NAHB Housing Market Index: The US NAHB Housing Market Index for March is predicted at 65. Forex traders can compare this to the US NAHB Housing Market Index for February which was reported at 65.
- US Business Inventories: US Business Inventories for January are predicted to increase by 0.3% monthly. Forex traders can compare this to US Business Inventories for December which increased by 0.4% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.2150 to 1.2200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2175
- Take Profit Zone: 1.2650 – 1.2775
- Stop Loss Level: 1.2075
Should price action for the GBPUSD breakdown below 1.2150 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2075
- Take Profit Zone: 1.1925 – 1.2000
- Stop Loss Level: 1.2150
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
