Here are the key factors to keep in mind today for British Pound trades:
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for January was reported at £1.1B and Net Lending Securities on Dwellings was reported at £3.7B. Economists predicted a figure of £0.8B and of £3.9B. Forex traders can compare this to UK Net Consumer Credit for December which was reported at £0.7B and to Net Lending Securities on Dwellings which was reported at £3.9B.
- UK M4 Money Supply: UK M4 Money Supply for January increased by 0.2% monthly and by 0.5% annualized. Forex traders can compare this to UK M4 Money Supply for December which increased by 0.4% monthly and by 2.0% annualized. UK M4 Money Supply excluding IOFCs 3-Month Annualized for January increased by 2.4% annualized. Forex traders can compare this to UK M4 Money Supply excluding IOFCs 3-Month Annualized for December which increased by 4.3% annualized.
- UK Markit Manufacturing PMI: The UK Markit Manufacturing PMI for February was reported at 52.0. Economists predicted a figure of 52.0. Forex traders can compare this to the UK Markit Manufacturing PMI for January which was reported at 52.6.
Here are the key factors to keep in mind today for US Dollar trades:
- US Personal Income and Personal Spending: US Personal Income for December is predicted to increase by 0.5% monthly and Personal Spending is predicted to decrease by 0.2% monthly. Forex traders can compare this to Personal Income for November which increased by 0.2% monthly and to Personal Spending which increased by 0.4% monthly. Real Personal Spending for December is predicted to increase by 0.2% monthly. Forex traders can compare this to Real Personal Spending for November which increased by 0.3% monthly. The PCE Deflator for December is predicted flat at 0.0% monthly and to increase by 1.7% annualized. Forex traders can compare this to the PCE Deflator for November which increased by 0.1% monthly and by 1.8% annualized. The PCE Core Deflator for December is predicted to increase by 0.2% monthly and by 1.9% annualized. Forex traders can compare this to the PCE Core Deflator for November which increased by 0.1% monthly and by 1.9% annualized.
- US Markit Manufacturing PMI: The Final US Markit Manufacturing PMI for February is predicted at 53.7. Forex traders can compare this to the previous US Markit Manufacturing PMI for February which was reported at 53.7.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for February is predicted at 55.5. Forex traders can compare this to the US ISM Manufacturing Index for January which was reported at 56.6. ISM Prices Paid for February are predicted at 51.6. Forex traders can compare this to ISM Prices Paid for January which were reported at 49.6.
- US Michigan Consumer Confidence: Final US Michigan Consumer Confidence for February is predicted at 95.8. Forex traders can compare this to the previous US Michigan Consumer Confidence for February which was reported at 95.5.
Should price action for the GBPUSD remain inside the or breakdown below the 1.3215 to 1.3285 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3240
- Take Profit Zone: 1.2770 – 1.2850
- Stop Loss Level: 1.3350
Should price action for the GBPUSD breakout above 1.3285 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3315
- Take Profit Zone: 1.3445 – 1.3550
- Stop Loss Level: 1.3240
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
