Here are the key factors to keep in mind today for British Pound trades:
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for September is predicted to increase by 0.3% monthly and by 1.9% annualized. Forex traders can compare this to UK Industrial Production for August which increased by 0.2% monthly and by 1.6% annualized. UK Manufacturing Production for September is predicted to increase by 0.3% monthly and by 2.4% annualized. Forex traders can compare this to UK Manufacturing Production for August which increased by 0.4% monthly and by 2.8% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for September is predicted to decrease by 0.9% monthly and to increase by 1.6% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for August which increased by 0.6% monthly and by 3.5% annualized.
- UK Trade Balance: The UK Visible Trade Balance for September is predicted at -£12.800B. Forex traders can compare this to the UK Visible Trade Balance for August which was reported at -£14.245B. The UK Trade Balance Non EU for September is predicted at -£4.500B. Forex traders can compare this to the UK Trade Balance Non EU for August which was reported at -£5.835B. The UK Total Trade Balance for September is predicted at -£4.600B. Forex traders can compare this to the UK Total Trade Balance for August which was reported at -£5.626B.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for October is predicted to increase by 0.4% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for September which increased by 0.4% monthly.
Here is the key factor to keep in mind today for US Dollar trades:
- US Michigan Consumer Confidence: US Michigan Consumer Confidence for November is predicted at 100.9. Forex traders can compare this to US Michigan Consumer Confidence for October which was reported at 100.7.
- US Monthly Budget Statement: The US Monthly Budget Statement for October is predicted at -$40.0B. Forex traders can compare this to the US Monthly Budget Statement for September which was reported at $8.0B.
Should price action for the GBPUSD remain inside the or breakout above the 1.3100 to 1.3140 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3120
- Take Profit Zone: 1.3590 – 1.3620
- Stop Loss Level: 1.3025
Should price action for the GBPUSD breakdown below 1.3100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3080
- Take Profit Zone: 1.2930 – 1.2975
- Stop Loss Level: 1.3120
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
