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 9.2K and the Claimant Count Rate was reported at 2.4%. Forex traders can compare this to the UK Jobless Claims Change for January which was reported at -7.2K and to the Claimant Count Rate which was reported at 2.3%.
- 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 168K and the ILO Unemployment Rate was reported at 4.3%. Economists predicted a reading of 84K and of 4.4%. Forex traders can compare this to the UK Employment Change for December which was reported at 88K and to the ILO Unemployment Rate which was reported at 4.4%. Average Weekly Earnings for the tri-monthly period ending in January increased by 2.8% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.6% annualized. Economists predicted an increase of 2.6% and of 2.6%. Forex traders can compare this to Average Weekly Earnings for December which increased by 2.5% and to Average Weekly Earnings Excluding Bonuses which increased by 2.7%.
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for February was reported at -£0.3B and UK Public Sector Net Borrowing excluding Banking Groups at £1.3B. Economists predicted a figure of -£0.3B and of £1.3B. Forex traders can compare this to UK Public Sector Net Borrowing for January which was reported at -£11.6B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at -£10.0B. UK Public Finances for February were reported at £18.6B and UK Central Government Borrowing at -£1.9B. Forex traders can compare this to UK Public Finances for January which were reported at -£26.2B and to UK Central Government Borrowing which was reported at -£27.3B.
- UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Trends Total Orders for March are predicted at 8 and CBI Trends Selling Prices are predicted at 23. Forex traders can compare this to CBI Trends Total Orders for February which were reported at 10 and to CBI Trends Selling Prices which were reported at 25.
Here are the key factors to keep in mind today for US Dollar trades:
- US Current Account Balance: The US Current Account Balance for the fourth-quarter is predicted at -$125.0B. Forex traders can compare this to the US Current Account Balance for the third-quarter which was reported at -$110.6B.
- US Existing Home Sales: US Existing Home Sales for February are predicted to increase by 0.4% monthly to 5.40M. Forex traders can compare this to US Existing Home Sales for March which decreased by 3.2% monthly to 5.38M.
- US FOMC Interest Rate Decision: The US FOMC Interest Rate Decision is predicted to show interest rates at 1.75%. Forex traders can compare this to the previous US FOMC Interest Rate Decision which showed interest rates at 1.50%.
Should price action for the GBPUSD remain inside the or breakout above the 1.4000 to 1.4070 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4040
- Take Profit Zone: 1.4345 – 1.4440
- Stop Loss Level: 1.3940
Should price action for the GBPUSD breakdown below 1.4000 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3970
- Take Profit Zone: 1.3710 – 1.3770
- Stop Loss Level: 1.4040
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
