Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for April is predicted to increase by 0.4% monthly and by 2.6% annualized. Forex traders can compare this to the UK CPI for March which increased by 0.4% monthly and by 2.3% annualized. The Core CPI for April is predicted to increase by 2.3% annualized. Forex traders can compare this to Core CPI for March which increased by 1.8% annualized.
- UK PPI: The UK PPI Input for April is predicted flat at 0.0% monthly and to increase by 17.0% annualized. Forex traders can compare this to the UK PPI Input for March which increased by 0.4% monthly and by 17.9% annualized. The UK PPI Output for April is predicted to increase by 0.2% monthly and by 3.4% annualized. Forex traders can compare this to the UK PPI Output for March which increased by 0.4% monthly and by 3.6% annualized. The UK PPI Core Output for April is predicted to increase by 0.2% monthly and by 2.5% annualized. Forex traders can compare this to the UK PPI Core Output for March which increased by 0.3% monthly and by 2.5% annualized.
- UK RPI: The UK RPI for April is predicted to increase by 0.4% monthly and by 3.4% annualized. Forex traders can compare this to the UK RPI for March which increased by 0.3% monthly and by 3.1% annualized. The UK RPI Excluding Mortgage Interest Payments for April is predicted to increase by 3.7% annualized. Forex traders can compare this to the UK RPI Excluding Mortgage Interest Payments for March which increased by 3.4% annualized.
- UK House Price Index: The UK House Price Index for March is predicted to increase by 5.3% annualized. Forex traders can compare this to the UK House Price Index for February which increased by 5.8% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for April are predicted to increase by 3.7% monthly to 1,260K starts and Building Permits are predicted to increase by 0.2% monthly to 1,270K permits. Forex traders can compare this to US Housing Starts for March which decreased by 6.8% monthly to 1,215K starts and to Building Permits which increased by 3.6% monthly to 1,260K permits.
- US Industrial Production and Manufacturing Production: US Industrial Production for April is predicted to increase by 0.4% monthly and Manufacturing Production is predicted to increase by 0.3% monthly. Forex traders can compare this to US Industrial Production for March which increased by 0.5% monthly and to Manufacturing Production which decreased by 0.4% monthly.Capacity Utilization for April is predicted at 76.3%. Forex traders can compare this to Capacity Utilization for March which was reported at 76.1%.
Should price action for the GBPUSD remain inside the or breakdown below the 1.2900 to 1.2950 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2925
- Take Profit Zone: 1.2350 – 1.2450
- Stop Loss Level: 1.3100
Should price action for the GBPUSD breakout above 1.2950 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2975
- Take Profit Zone: 1.3350 – 1.3400
- Stop Loss Level: 1.2900
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
