Here are the key factors to keep in mind today for British Pound trades:
- UK Nationwide House Prices: UK Nationwide House Prices for March decreased by 0.2% monthly and increased by 2.1% annualized. Economists predicted an increase of 0.2% monthly and of 2.6% annualized. Forex traders can compare this to UK Nationwide House Prices for February which decreased by 0.3% monthly and which increased by 2.2% annualized.
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for February was reported at £1.6B and Net Lending Securities on Dwellings was reported at £3.7B. Economists predicted a figure of £1.4B and of £3.4B. Forex traders can compare this to UK Net Consumer Credit for January which was reported at £1.3B and to Net Lending Securities on Dwellings which was reported at £3.4B.
- UK Mortgage Approvals: UK Mortgage Approvals for February were reported at 63.9K. Economists predicted a figure of 66.0K. Forex traders can compare this to UK Mortgage Approvals for January which were reported at 67.1K.
- UK Current Account Balance: The UK Current Account Balance for the fourth-quarter was reported at -£18.4B. Economists predicted a figure of -£24.0B. Forex traders can compare this to the UK Current Account for the third-quarter which was reported at -£19.1B.
- UK Index of Services: UK Index of Services for January increased by 0.2% monthly and by 0.6% for the three-month-over-three-month period ending in January. Economists predicted an increase of 0.2% monthly and an increase of 0.6% tri-monthly. Forex traders can compare this to the UK Index of Services for December which was reported flat at 0.0% monthly and which increased by 0.6% for the three-month-over-three-month period ending in December.
- UK GDP and UK Total Business Investment: The final UK GDP for the fourth-quarter increased by 0.4% quarterly and by 1.4% annualized. Economists predicted an increase of 0.4% quarterly and of 1.4% annualized. Forex traders can compare this to the previous UK GDP for the fourth-quarter which increased by 0.4% quarterly and by 1.4% annualized. Final UK Total Business Investment for the fourth-quarter increased by 0.3% quarterly and by 2.6% annualized. Economists predicted a flat reading of 0.0% quarterly and an increase of 2.1% annualized. Forex traders can compare this to the previous UK Total Business Investment for the fourth-quarter which was reported flat at 0.0% quarterly and which increased by 2.1% annualized.
Here are the key factor to keep in mind today for US Dollar trades:
- US Personal Income and Personal Spending: US Personal Income for February is predicted to increase by 0.4% monthly and Personal Spending is predicted to increase by 0.2% monthly. Forex traders can compare this to Personal Income for January which increased by 0.4% monthly and to Personal Spending which increased by 0.2% monthly. Real Personal Spending for February is predicted to increase by 0.1% monthly. Forex traders can compare this to Real Personal Spending for January which decreased by 0.1% monthly. The PCE Deflator for February is predicted to increase by 0.2% monthly and by 1.7% annualized. Forex traders can compare this to the PCE Deflator for January which increased by 0.4% monthly and by 1.7% annualized. The PCE Core Deflator for February is predicted to increase by 0.2% monthly and by 1.6% annualized. Forex traders can compare this to the PCE Core Deflator for January which increased by 0.3% monthly and by 1.5% annualized.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of March 24th are predicted at 230K and US Continuing Claims for the week of March 17th are predicted at 1,865K. Forex traders can compare this to US Initial Jobless Claims for the week of March 17th which were reported at 229K and to US Continuing Claims for the week of March 10th which were reported at 1,828K.
- US Chicago PMI: The US Chicago PMI for March is predicted at 62.0. Forex traders can compare this to the US Chicago PMI for February which was reported at 61.9.
Should price action for the GBPUSD remain inside the or breakout above the 1.4035 to 1.4095 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4050
- Take Profit Zone: 1.4345 – 1.4400
- Stop Loss Level: 1.3985
Should price action for the GBPUSD breakdown below 1.4035 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3985
- Take Profit Zone: 1.3780 – 1.3850
- Stop Loss Level: 1.4035
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