Here are the key factors to keep in mind today for British Pound trades:
- British Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The British Markit/CIPS Services PMI for October was reported at 54.5. Economists predicted a figure of 52.5. Forex traders can compare this to the British Markit/CIPS Services PMI for September which was reported at 52.6. The British Markit/CIPS Composite PMI for October was reported at 54.8. Economists predicted a figure of 53.5. Forex traders can compare this to the British Markit/CIPS Composite PMI for September which was reported at 53.9.
- BOE Interest Rate Decision: The BOE Interest Rate Decision is predicted to keep interest rates at 0.25%. Forex traders can compare this to the previous BOE Interest Rate Decision where interest rates were kept at 0.25%. The Asset Purchase Target is predicted at £435B and the Corporate Bond Target at £10B. Forex traders can compare this to the previous Asset Purchase Target which was reported at £435B and to the Corporate Bond Target which was reported at £10B.
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 third-quarter is predicted to increase by 2.0% quarterly and Unit Labor Costs by 1.3% quarterly. Forex traders can compare this to US Non-Farm Productivity for the second-quarter which decreased by 0.6% quarterly and to Unit Labor Costs which increased by 4.3% quarterly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of October 29th are predicted at 255K and US Continuing Claims for the week of October 22nd are predicted at 2045,K. Forex traders can compare this to US Initial Jobless Claims for the week of October 22nd which were reported at 258K and US Continuing Claims for the week of October 15th which were reported at 2,039K.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for October is predicted at 56.0. Forex traders can compare this to the US ISM Non-Manufacturing PMI for September which was reported at 57.1.
- US Factory Orders: US Factory Orders for September are predicted to decrease by 0.2% monthly. Forex traders can compare this to US Factory Orders for August which increased by 0.2% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.2400 to 1.2450 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2425
- Take Profit Zone: 1.3350 – 1.3400
- Stop Loss Level: 1.2100
Should price action for the GBPUSD breakdown below 1.2400 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2375
- Take Profit Zone: 1.2000 – 1.2050
- Stop Loss Level: 1.2450
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