Here are the key factors to keep in mind today for British Pound trades:
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Consumer Credit for March is predicted at £1.4B. Forex traders can compare this to UK Consumer Credit for February which was reported at £1.6B. Net Lending Securities on Dwellings for March is predicted at £3.6B. Forex traders can compare this to Net Lending Securities on Dwellings for February which was reported at £3.7B.
- UK Mortgage Approvals: UK Mortgage Approvals for March are predicted at 63.0K. Forex traders can compare this to UK Mortgage Approvals for February which were reported at 63.9K.
- UK Markit Manufacturing PMI: The UK Markit Manufacturing PMI for April is predicted at 54.8. Forex traders can compare this to the UK Markit Manufacturing PMI for March which was reported at 55.1.
Here are the key factors to keep in mind today for US Dollar trades:
- US Markit Manufacturing PMI: The Final US Markit Manufacturing PMI for March is predicted at 56.5. Forex traders can compare this to the first US Markit Manufacturing PMI for April which was reported at 56.5.
- US Construction Spending: US Construction Spending for March is predicted to increase by 0.5% monthly. Forex traders can compare this to US Construction Spending for February which increased by 0.1% monthly.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for April is predicted at 58.5. Forex traders can compare this to the US ISM Manufacturing Index for March which was reported at 59.3. ISM Prices Paid for April are predicted at 76.8. Forex traders can compare this to ISM Prices Paid for March which were reported at 78.1. ISM Employment for April is predicted at 57.0. Forex traders can compare this to ISM Employment for March which were reported at 57.3.
Should price action for the GBPUSD remain inside the or breakout above the 1.3715 to 1.3790 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3750
- Take Profit Zone: 1.4375 – 1.4400
- Stop Loss Level: 1.3615
Should price action for the GBPUSD breakdown below 1.3715 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3700
- Take Profit Zone: 1.3600 – 1.3615
- Stop Loss Level: 1.3750
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
