Here are the key factors to keep in mind today for British Pound trades:
- UK BBA Loans for House Purchase: UK BBA Loans for House Purchase for April were reported at 40,750. Economists predicted a figure of 40,800. Forex traders can compare this to UK BBA Loans for House Purchase for March which were reported at 40,872.
- UK GDP: The UK Preliminary GDP for the first-quarter increased by 0.2% quarterly and by 2.0% annualized. Economists predicted an increase of 0.3% and of 2.1%. Forex traders can compare this to the previous first-quarter GDP which increased by 0.3% quarterly and by 2.1% annualized. Private Consumption for the first-quarter increased by 0.3% quarterly, Government Spending by 0.1% quarterly and Gross Fixed Capital Formation by 1.2% quarterly. Economists predicted an increase of 0.3%, 0.4% and a decrease of 0.2%. Forex traders can compare this to previous first-quarter Private Consumption which increased by 0.7% quarterly, to Government Spending which was reported flat at 0.0% quarterly and to Gross Fixed Capital Formation which increased by 0.1% quarterly. UK Exports increased by 3.3% quarterly and UK Imports decreased by 0.5% quarterly. Economists predicted an increase of 0.5% and of 0.8%. Forex traders can compare this to previous first-quarter UK Exports which increased by 4.6% quarterly and to UK Imports which decreased by 1.0% quarterly. British Total Business Investment for the first-quarter increased by 0.8% quarterly and by 0.8% annualized. Economists predicted an increase of 0.3% and of 1.3%. Forex traders can compare this to the previous British Total Business Investment for the first-quarter which decreased by 0.9% quarterly and by 0.9% annualized.
- British Index of Services: British Index of Services for March increased by 0.2% monthly and by 0.2% for the three-month-over-three-month period ending in March. Economists predicted a flat reading of 0.0% monthly and an increase of 0.3% tri-monthly. Forex traders can compare this to the British Index of Services for February which increased by 0.2% monthly by 0.5% for the three-month-over-three-month period ending in February.
Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for April is predicted at -$64.5B. Forex traders can compare this to the US Advanced Goods Trade Balance for March which was reported at -$64.2B.
- US Wholesale Inventories: US Wholesale Inventories for April are predicted to increase by 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for March which decreased by 0.2% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of May 20th are predicted at 238K and US Continuing Claims for the week of May 13th are predicted at 1,925K. Forex traders can compare this to US Initial Jobless Claims for the week of May 13th which were reported at 232K and to US Continuing Claims for the week of May 6th which were reported at 1,898K.
Should price action for the GBPUSD remain inside the or breakdown below the 1.2925 to 1.2975 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2950
- Take Profit Zone: 1.2300 – 1.2400
- Stop Loss Level: 1.3100
Should price action for the GBPUSD breakout above 1.2975 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3025
- Take Profit Zone: 1.3350 – 1.3400
- Stop Loss Level: 1.2925
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