Here is the key factor to keep in mind today for British Pound trades:
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for October was reported at £8.0B and UK Public Sector Net Borrowing excluding Banking Groups at £8.8B. Economists predicted a figure of £5.6B and of £6.2B. Forex traders can compare this to UK Public Sector Net Borrowing for September which was reported at £2.0B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at £2.8B. UK Public Finances for October were reported at -£3.3B and UK Central Government Borrowing at -£3.2B. Forex traders can compare this to UK Public Finances for September which were reported at £18.3B and to UK Central Government Borrowing which was reported at £15.2B.
Here are the key factors to keep in mind today for US Dollar trades:
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for October are predicted to decrease by 2.5% monthly and Durables Excluding Transportation are predicted to increase by 0.4% monthly. Forex traders can compare this to US Durable Goods Orders for September which increased by 0.7% monthly and to Durables Excluding Transportation which were reported flat at 0.0% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for October are predicted to increase by 0.3% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.3% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for September which decreased by 0.1% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which decreased by 0.1% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of November 17th are predicted at 215K and US Continuing Claims for the week of November 10th are predicted at 1,652K. Forex traders can compare this to US Initial Jobless Claims for the week of November 10th which were reported at 216K and to US Continuing Claims for the week of November 3rd which were reported at 1,676K.
- US Leading Indicators: US Leading Indicators for October are predicted to increase by 0.1% monthly. Forex traders can compare this to US Leading Indicators for September which increased by 0.5% monthly.
- US Existing Home Sales: US Existing Home Sales for October are predicted to increase by 1.0% monthly to 5.20M. Forex traders can compare this to US Existing Home Sales for September which decreased by 3.4% monthly to 5.15M.
- US Michigan Consumer Sentiment: Final US Michigan Consumer Sentiment for November is predicted at 98.3. Forex traders can compare this to previous US Michigan Consumer Confidence for November which was reported at 98.3. Current Conditions for November are expected at 113.2 and Expectations are predicted at 88.7. Forex traders can compare this to previous Current Conditions for November which were reported at 113.2 and to Expectations which were reported at 88.7.
Should price action for the GBPUSD remain inside the or breakout above the 1.2725 to 1.2850 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2785
- Take Profit Zone: 1.3150 – 1.3235
- Stop Loss Level: 1.2660
Should price action for the GBPUSD breakdown below 1.2725 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2695
- Take Profit Zone: 1.2480 – 1.2550
- Stop Loss Level: 1.2785
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
