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 is predicted at 13.1K and the Claimant Count Rate is predicted at 2.8%. Forex traders can compare this to the UK Jobless Claims Change for January which was reported at 14.2K and to the Claimant Count Rate which was reported at 2.8%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in January is predicted at 120K and the ILO Unemployment Rate is predicted at 4.0%. Forex traders can compare this to the UK Employment Change for December which was reported at 167K and to the ILO Unemployment Rate which was reported at 4.0%. Average Weekly Earnings for the tri-monthly period ending in January are predicted to increase by 3.2% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 3.4% annualized. Forex traders can compare this to Average Weekly Earnings for December which increased by 3.4% and Average Weekly Earnings Excluding Bonuses which increased by 3.4%.
Here is the key factor to keep in mind today for US Dollar trades:
- US Factory Orders: US Factory Orders for January are predicted to increase by 0.3% monthly. Forex traders can compare this to US Factory Orders for December which increased by 0.1% monthly.
Should price action for the GBPUSD remain inside the or breakdown below the 1.3215 to 1.3300 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3260
- Take Profit Zone: 1.2770 – 1.2855
- Stop Loss Level: 1.3380
Should price action for the GBPUSD breakout above 1.3300 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3315
- Take Profit Zone: 1.3470 – 1.3530
- Stop Loss Level: 1.3260
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
