Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: UK Jobless Claims Change for October are predicted at 2.0K and the Claimant Count Rate is predicted at 2.3%. Forex traders can compare this to UK Jobless Claims Change for for September which were reported at 0.7K and the Claimant Count Rate which was reported at 2.3%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in September is predicted at 91K and the ILO Unemployment Rate at 4.9%. Forex traders can compare this to the UK Employment Change for August which was reported at 106K and to the ILO Unemployment Rate which was reported at 4.9%. Average Weekly Earnings for the tri-monthly period ending in September are predicted to increase by 2.4% annualized and Average Weekly Earnings Excluding Bonuses by 2.4% annualized. Forex traders can compare this to Average Weekly Earnings for August which increased by 2.3% and Average Weekly Earnings Excluding Bonuses which increased by 2.3%.
Here are the key factors to keep in mind today for US Dollar trades:
- US PPI: The US PPI for October is predicted to increase by 0.3% monthly and by 1.2% annualized. Forex traders can compare this to the US PPI for September which increased by 0.3% monthly and by 0.7% annualized. The US Core PPI for October is predicted to increase by 0.2% monthly and by 1.6% annualized. Forex traders can compare this to the US Core PPI for September which increased by 0.2% monthly and by 1.2% annualized.
- US Industrial Production and Manufacturing Production: US Industrial Production for October is predicted to increase by 0.2% monthly and Manufacturing Production is predicted to increase by 0.3% monthly. Forex traders can compare this to US Industrial Production for September which increased by 0.1% monthly and to Manufacturing Production which increased by 0.2% monthly. Capacity Utilization for October is predicted at 75.5%. Forex traders can compare this to Capacity Utilization for September which was reported at 75.4%.
- US NAHB Housing Market Index: The US NAHB Housing Market Index for November is predicted at 63. Forex traders can compare this to the US NAHB Housing Market Index for October which was reported at 63.
Should price action for the GBPUSD remain inside the or breakout above the 1.2450 to 1.2500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2475
- Take Profit Zone: 1.3300 – 1.3350
- Stop Loss Level: 1.2300
Should price action for the GBPUSD breakdown below 1.2450 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2300
- Take Profit Zone: 1.2000 – 1.2050
- Stop Loss Level: 1.2450
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
