Here are the key factors to keep in mind today for British Pound trades:
- British Nationwide House Prices: British Nationwide House Prices for March decreased by 0.3% monthly and increased by 3.5% annualized. Economists predicted an increase of 0.3% monthly and of 4.0% annualized. Forex traders can compare this to British Nationwide House Prices for February which increased by 0.6% monthly and by 4.5% annualized.
- British Current Account: The British Current Account for the fourth-quarter was reported at -£12.1B. Economists predicted a figure of -£16.0B. Forex traders can compare this to the British Current Account for the third-quarter which was reported at -£25.7B.
- British GDP and British Total Business Investment: The final British GDP for the fourth-quarter increased by 0.7% quarterly and by 1.9% annualized. Economists predicted an increase of 0.7% quarterly and of 2.0% annualized. Forex traders can compare this to the previous British GDP for the fourth-quarter which increased by 0.7% quarterly and by 2.0% annualized. Final British Total Business Investment for the fourth-quarter decreased by 0.9% quarterly and by 0.9% annualized. Economists predicted a decrease of 1.0% quarterly and of 0.9% annualized. Forex traders can compare this to the previous British Total Business Investment for the fourth-quarter which increased by 0.4% quarterly and which decreased by 0.9% annualized.
- British Index of Services: British Index of Services for January decreased by 0.1% monthly and increased by 0.6% for the three-month-over-three-month period ending in January. Economists predicted an increase of 0.2% monthly and of 0.7% tri-monthly. Forex traders can compare this to the British Index of Services for December which increased by 0.2% monthly by 0.8% for the three-month-over-three-month period ending in December.
Here are the key factors to keep in mind today for US Dollar trades:
- US Personal Income and Personal Spending: US Personal Income for February increased by 0.4% monthly and Personal Spending increased by 0.1% monthly. Economists predicted an increase of 0.4% monthly and of 0.2% monthly. Forex traders can compare this to Personal Income for January which increased by 0.5% monthly and to Personal Spending which increased by 0.2% monthly. Real Personal Spending for February decreased by 0.1% monthly. Economists predicted an increase of 0.1% monthly. Forex traders can compare this to Real Personal Spending for January which decreased by 0.2% monthly. The PCE Deflator for February increased by 0.1% monthly and by 2.1% annualized. Economists predicted an increase of 0.1%% monthly and of 2.1% annualized. Forex traders can compare this to the PCE Deflator for January which increased by 0.4% monthly and by 1.9% annualized. The PCE Core Deflator for February increased by 0.2% monthly and by 1.8% annualized. Economists predicted an increase of 0.2% monthly and of 1.7% annualized. Forex traders can compare this to the PCE Core Deflator for January which increased by 0.3% monthly and by 1.8% annualized.
- US Chicago PMI: The US Chicago PMI for March is predicted at 57.0. Forex traders can compare this to the US Chicago PMI for February which was reported at 57.4.
- US Michigan Consumer Confidence: Final US Michigan Consumer Confidence for March is predicted at 97.6. Forex traders can compare this to the previous US Michigan Consumer Confidence for March which was reported at 97.6.
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: 1.1925 – 1.2000
- Stop Loss Level: 1.2500
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