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

• UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for April was reported at 55.8 and the UK Markit/CIPS Composite PMI was reported at 56.0. Economists predicted a figure of 54.5 and of 54.5. Forex traders can compare this to the UK Markit/CIPS Services PMI for March which was reported at 55.0 and to the UK Markit/CIPS Composite PMI which was reported at 54.6.
• UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for March was reported at £1.624B and Net Lending Securities on Dwellings was reported at £3.1B. Economists predicted a figure of £1.200B and of £3.3B. Forex traders can compare this to UK Net Consumer Credit for February which was reported at £1.476B and to Net Lending Securities on Dwellings which was reported at £3.4B.
• UK Mortgage Approvals: UK Mortgage Approvals for March were reported at 66.80K. Economists predicted a figure of 67.30K. Forex traders can compare this to UK Mortgage Approvals for February which were reported at 67.90K.

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

• US Non-Farm Productivity and Unit Labor Costs: Preliminary US Non-Farm Productivity for the first-quarter is predicted flat at 0.0% quarterly and Unit Labor Costs are predicted to increase by 2.3% quarterly. Forex traders can compare this to US Non-Farm Productivity for the fourth-quarter which increased by 1.3% quarterly and to Unit Labor Costs which increased by 1.7% quarterly.
• US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of April 29th are predicted at 248K and US Continuing Claims for the week of April 22nd are predicted at 2,000K. Forex traders can compare this to US Initial Jobless Claims for the week of April 22nd which were reported at 257K and to US Continuing Claims for the week of April 15th which were reported at 1,988K.
• US Trade Balance: The US Trade Balance for March is predicted at -$44.5B. Forex traders can compare this to the US Trade Balance for February which was reported at -$43.6B.
• US Factory Orders: US Factory Orders for March are predicted to increase by 0.4% monthly. Forex traders can compare this to US Factory Orders for February which increased by 1.0% monthly.

Should price action for the GBPUSD remain inside the or breakdown below the 1.2875 to 1.2925 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.2900
• Take Profit Zone: 1.2300 – 1.2400
• Stop Loss Level: 1.3100

Should price action for the GBPUSD breakout above 1.2925 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: 1.2875

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