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 0.5% monthly and by 2.5% annualized. Forex traders can compare this to the UK CPI for March which increased by 0.1% monthly and by 2.5% annualized. The Core CPI for April is predicted to increase by 2.2% annualized. Forex traders can compare this to Core CPI for March which increased by 2.3% annualized.
- UK PPI: The UK PPI Input for April is predicted to increase by 1.0% monthly and by 5.8% annualized. Forex traders can compare this to the UK PPI Input for March which decreased by 0.1% monthly and which increased by 4.2% annualized. The UK PPI Output for April is predicted to increase by 0.3% monthly and by 2.3% annualized. Forex traders can compare this to the UK PPI Output for March which increased by 0.2% monthly and by 2.4% annualized. The UK PPI Core Output for April is predicted to increase by 0.3% monthly and by 2.1% annualized. Forex traders can compare this to the UK PPI Core Output for March which increased by 0.1% monthly and by 2.2% annualized.
- UK RPI: The UK RPI for April is predicted to increase by 0.5% monthly and by 3.4% annualized. Forex traders can compare this to the UK RPI for March which increased by 0.1% monthly and by 3.3% annualized. The UK RPI Excluding Mortgage Interest Payments for April is predicted to increase by 3.3% 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 4.4% annualized. Forex traders can compare this to the UK House Price Index for February which increased by 4.4% annualized.
Here are the key factor to keep in mind today for US Dollar trades:
- US Markit Manufacturing PMI, Services PMI and Composite PMI: The Preliminary US Markit Manufacturing PMI for May is predicted at 56.5. Forex traders can compare this to the US Markit Manufacturing PMI for April which was reported at 56.5. The Preliminary US Markit Services PMI for May is predicted at 54.8. Forex traders can compare this to the US Markit Services PMI for April which was reported at 54.6. The Preliminary US Markit Composite PMI for May is predicted at 54.9. Forex traders can compare this to the US Markit Composite PMI for April which was reported at 54.9.
- US New Home Sales: US New Home Sales for April are predicted to decrease by 2.3% monthly to 678K new homes. Forex traders can compare this to US New Home Sales for March which increased by 4.0% monthly to 694K new homes.
Should price action for the GBPUSD remain inside the or breakout above the 1.3345 to 1.3430 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3380
- Take Profit Zone: 1.4310 – 1.4375
- Stop Loss Level: 1.3265
Should price action for the GBPUSD breakdown below 1.3345 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3310
- Take Profit Zone: 1.3040 – 1.3100
- Stop Loss Level: 1.3430
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
