Here are the key factors to keep in mind today for British Pound trades:

• British Industrial Production and British Manufacturing Production: British Industrial Production for March decreased by 0.5% monthly and increased by 1.4% annualized. Economists predicted a decrease of 0.4% monthly and an increase of 1.9% annualized. Forex traders can compare this to British Industrial Production for February which decreased by 0.8% monthly and which increased by 2.5% annualized. British Manufacturing Production for March decreased by 0.6% monthly and increased by 2.3% annualized. Economists predicted a decrease of 0.2% monthly and an increase of 3.0% annualized. Forex traders can compare this to British Manufacturing Production for February which decreased by 0.3% monthly and which increased by 3.0% annualized.
• British Construction Output Seasonally Adjusted: British Construction Output Seasonally Adjusted for March decreased by 2.7% monthly and increased by 2.4% annualized. Economists predicted an increase of 0.3% monthly and of 2.9% annualized. Forex traders can compare this to British Construction Output Seasonally Adjusted for February which decreased by 1.3% monthly and which increased by 0.9% annualized.
• British Trade Balance: The British Visible Trade Balance for March was reported at -£13.440B. Economists predicted a figure of -£11.600B. Forex traders can compare this to the British Visible Trade Balance for February which was reported at -£11.450B. The British Trade Balance Non EU for March was reported at -£4.670B. Economists predicted a figure of -£3.300B. Forex traders can compare this to the British Trade Balance Non EU for February which was reported at -£3.120B. The British Total Trade Balance for March was reported at -£4.900B. Economists predicted a figure of -£3.000B. Forex traders can compare this to the British Total Trade Balance for February which was reported at -£2.650B.
• Bank of England Interest Rate Decision, Asset Purchase Target and Corporate Bond Target: The Bank of England decided to keep interest rates at 0.25%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Economists predicted interest rates at 0.25%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Forex traders can compare this to the previous Bank of England meeting where the British central bank decided to keep interest rates at 0.25%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B.

Here are the key factors to keep in mind today for US Dollar trades:

• US PPI: The US PPI for April is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the US PPI for March which decreased by 0.1% monthly and which increased by 2.3% annualized. The US Core PPI for April is predicted to increase by 0.2% monthly and by 1.7% annualized. Forex traders can compare this to the US Core PPI for March which was reported flat at 0.0% monthly and which increased by 1.6% annualized.
• US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of May 6th are predicted at 245K and US Continuing Claims for the week of April 29th are predicted at 1,980K. Forex traders can compare this to US Initial Jobless Claims for the week of April 29th which were reported at 238K and to US Continuing Claims for the week of April 22nd which were reported at 1,964K.

Should price action for the GBPUSD remain inside the or breakdown below the 1.2850 to 1.2900 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.2875
• Take Profit Zone: 1.2300 – 1.2400
• Stop Loss Level: 1.3100

Should price action for the GBPUSD breakout above 1.2900 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.290
• Take Profit Zone: 1.3350 – 1.3400
• Stop Loss Level: 1.2850

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.