Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for September is predicted at -£11.400B. Forex traders can compare this to the UK Visible Trade Balance for August which was reported at -£11.195B. The UK Trade Balance Non EU for September is predicted at -£3.900B. Forex traders can compare this to the UK Trade Balance Non EU for August which was reported at -£4.219B. The UK Total Trade Balance for September is predicted at -£1.500B. Forex traders can compare this to the UK Total Trade Balance for August which was reported at -£1.274B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for September is predicted to decrease by 0.1% monthly and to increase by 0.4% annualized. Forex traders can compare this to UK Industrial Production for August which increased by 0.2% monthly and by 1.3% annualized. UK Manufacturing Production for September is predicted to increase by 0.1% monthly and by 0.3% annualized. Forex traders can compare this to UK Manufacturing Production for August which decreased by 0.2% monthly and which increased by 1.3% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for September is predicted flat at 0.0% monthly and to increase by 1.3% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for August which decreased by 0.7% monthly and which increased by 0.3% annualized.
- UK Index of Services: UK Index of Services for September are predicted to increase by 0.1% monthly and by 0.5% for the three-month-over-three-month period ending in September. Forex traders can compare this to the UK Index of Services for August which were reported flat at 0.0% monthly and which increased by 0.5% for the three-month-over-three-month period ending in August.
- UK GDP: The UK Preliminary GDP for September is predicted to increase by 0.1% monthly. Forex traders can compare this to the UK Preliminary GDP for August which was reported flat at 0.0% monthly. The UK Preliminary GDP for the third-quarter is predicted to increase by 0.6% quarterly and by 1.5% annualized. Forex traders can compare this to the second-quarter GDP which increased by 0.4% quarterly and by 1.2% annualized. Private Consumption for the third-quarter is predicted to increase by 0.5% quarterly, Government Spending is predicted to increase by 0.4% quarterly and Gross Fixed Capital Formation is predicted to increase by 0.2% quarterly. Forex traders can compare this to second-quarter Private Consumption which increased by 0.3% quarterly, to Government Spending which increased by 0.4% quarterly and to Gross Fixed Capital Formation which increased by 0.8% quarterly. UK Exports for the third-quarter are predicted to increase by 2.8% quarterly and UK Imports are predicted to increase by 0.6% quarterly. Forex traders can compare this to second-quarter UK Exports which decreased by 3.6% quarterly and to UK Imports which decreased by 0.8% quarterly. UK Total Business Investment for the third-quarter is predicted flat at 0.0% quarterly and to decrease by 0.3% annualized. Forex traders can compare this to UK Total Business Investment for the second-quarter which decreased by 0.7% quarterly and by 0.2% annualized.
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 0.2% monthly and by 2.5% annualized. Forex traders can compare this to the US PPI for September which increased by 0.2% monthly and by 2.6% annualized. The US Core PPI for October is predicted to increase by 0.2% monthly and by 2.3% annualized. Forex traders can compare this to the US Core PPI for September which increased by 0.2% monthly and by 2.5% annualized. The US Core PPI ex Trade for October is predicted to increase by 0.3% monthly and by 2.5% annualized. Forex traders can compare this to the US Core PPI ex Trade for September which increased by 0.4% monthly and by 2.9% annualized.
- US Wholesale Inventories: US Final Wholesale Inventories for September are predicted to increase by 0.3% monthly. Forex traders can compare this to previous US Wholesale Inventories for September which increased by 0.3% monthly.
- US Michigan Consumer Sentiment: Preliminary US Michigan Consumer Sentiment for November is predicted at 98.0. Forex traders can compare this to US Michigan Consumer Confidence for October which was reported at 98.6. Preliminary Current Conditions for November are expected at 114.4 and Preliminary Expectations are predicted at 88.6. Forex traders can compare this to Current Conditions for October which were reported at 113.1 and to Expectations which were reported at 89.3.
Should price action for the GBPUSD remain inside the or breakdown below the 1.3020 to 1.3100 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3040
- Take Profit Zone: 1.2695 – 1.2765
- Stop Loss Level: 1.3150
Should price action for the GBPUSD breakout above 1.3100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3125
- Take Profit Zone: 1.3300 – 1.3360
- Stop Loss Level: 1.3035
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