Here are the key factors to keep in mind today for British Pound trades:
- UK Retail Sales: UK Retail Sales for February are predicted to increase by 0.3% monthly and by 3.2% annualized. Forex traders can compare this to UK Retail Sales for January which decreased by 0.2% monthly and which increased by 2.6% annualized. UK Retail Sales Including Auto and Fuel for February are predicted to increase by 0.4% monthly and increased by 2.6% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for January which decreased by 0.3% monthly and which increased by 1.5% annualized.
- UK CBI Retailing Reported Sales and UK CBI Total Distributive Reported Sales: UK CBI Retailing Reported Sales for March are predicted at 4 and UK CBI Total Distributive Reported Sales are predicted at 20. Forex traders can compare this to UK CBI Retailing Reported Sales for February which were reported at 9 and to UK CBI Total Distributive Reported Sales which were reported at 25.
Here are the key factors to keep in mind today for US Dollar trades:
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of March 18th are predicted at 240K and US Continuing Claims for the week of March 11th are predicted at 2035K. Forex traders can compare this to US Initial Jobless Claims for the week of March 11th which were reported at 241K and US Continuing Claims for the week of March 4th which were reported at 2,030K.
- US New Home Sales: US New Home Sales for February are predicted to increase by 2.0% monthly to 566K new homes. Forex traders can compare this to US New Home Sales for January which increased by 3.7% monthly to 555K new homes.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for March is predicted at 14. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for February which was reported at 14.
Should price action for the GBPUSD remain inside the or breakout above the 1.2450 to 1.2500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2475
- Take Profit Zone: 1.2750 – 1.2800
- Stop Loss Level: 1.2350
Should price action for the GBPUSD breakdown below 1.2450 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2400
- Take Profit Zone: 1.2100 – 1.2200
- Stop Loss Level: 1.2500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
