Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for January is predicted at -£12.000B. Forex traders can compare this to the UK Visible Trade Balance for December which was reported at -£13.576B. The UK Trade Balance Non EU for January is predicted at -£4.450B. Forex traders can compare this to the UK Trade Balance Non EU for December which was reported at -£5.178B. The UK Total Trade Balance for January is predicted at -£3.150B. Forex traders can compare this to the UK Total Trade Balance for December which was reported at -£4.896B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for January is predicted to increase by 1.5% monthly and by 1.8% annualized. Forex traders can compare this to UK Industrial Production for December which decreased by 1.3% monthly and which was reported flat at 0.0% annualized. UK Manufacturing Production for January is predicted to increase by 0.2% monthly and by 2.8% annualized. Forex traders can compare this to UK Manufacturing Production for December which increased by 0.3% monthly and by 1.4% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for January is predicted to decrease by 0.5% monthly and by 1.5% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for December which increased by 1.6% monthly and which decreased by 0.2% annualized.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for February is predicted to increase by 0.4% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for January which increased by 0.5% monthly.
Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for February is predicted to show 205K job additions and an unemployment rate of 4.0%. Forex traders can compare this to the US NFP Report for January which showed 200K job additions and an unemployment rate of 4.1%. Private Payrolls for February are predicted to show 195K job additions and Manufacturing Payrolls 15K job additions. Forex traders can compare this to Private Payrolls for January which showed 196K job additions and Manufacturing Payrolls which showed 15K job additions. The Average Work Week for February is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for January which was reported at 34.3 hours. Average Hourly Earnings for February are predicted to increase by 0.2% monthly and by 2.8% annualized. Forex traders can compare this to Average Hourly Earnings for January which increased by 0.3% monthly and by 2.9% annualized. The Labor Force Participation Rate for February is predicted at 62.7%. Forex traders can compare this to the Labor Force Participation Rate for January which was reported at 62.7%.
- US Wholesale Inventories: US Final Wholesale Inventories for January are predicted to increase by 0.7% monthly. Forex traders can compare this to previous US Wholesale Inventories for January which increased by 0.7% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.3800 to 1.3840 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3820
- Take Profit Zone: 1.4280 – 1.4345
- Stop Loss Level: 1.3710
Should price action for the GBPUSD breakdown below 1.3800 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3780
- Take Profit Zone: 1.3545 – 1.3610
- Stop Loss Level: 1.3820
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
