Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for August is predicted at -£10.900B. Forex traders can compare this to the UK Visible Trade Balance for July which was reported at -£9.973B. The UK Trade Balance Non EU for August is predicted at -£3.100B. Forex traders can compare this to the UK Trade Balance Non EU for July which was reported at -£2.800B. The UK Total Trade Balance for August is predicted at -£1.150B. Forex traders can compare this to the UK Total Trade Balance for July which was reported at -£111B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for August is predicted to increase by 0.1% monthly and by 1.0% annualized. Forex traders can compare this to UK Industrial Production for July which increased by 0.1% monthly and by 0.9% annualized. UK Manufacturing Production for August is predicted to increase by 0.1% monthly and by 1.1% annualized. Forex traders can compare this to UK Manufacturing Production for July which decreased by 0.2% monthly and which increased by 1.1% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for August is predicted to decrease by 0.4% monthly and to increase by 1.2% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for July which increased by 0.5% monthly and by 3.5% annualized.
- UK GDP: The UK GDP for August is predicted to increase by 0.1% monthly and by 0.6% for the three-month-over-three-month period ending in August. Forex traders can compare this to the UK GDP for July which increased by 0.3% monthly and by 0.6% for the three-month-over-three-month period ending in July.
- UK Index of Services: UK Index of Services for August are predicted to increase by 0.1% monthly and by 0.5% for the three-month-over-three-month period ending in August. Forex traders can compare this to the UK Index of Services for July which increased by 0.3% monthly and by 0.6% for the three-month-over-three-month period ending in July.
Here are the key factors to keep in mind today for US Dollar trades:
- US PPI: The US PPI for September is predicted to increase by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to the US PPI for August which decreased by 0.1% monthly and which increased by 2.8% annualized. The US Core PPI for September is predicted to increase by 0.2% monthly and by 2.6% annualized. Forex traders can compare this to the US Core PPI for August which decreased by 0.1% monthly and which increased by 2.3% annualized. The US Core PPI ex Trade for September is predicted to increase by 0.2% monthly and by 2.8% annualized. Forex traders can compare this to the US Core PPI ex Trade for August which increased by 0.1% monthly and by 2.9% annualized.
- US Wholesale Inventories: US Final Wholesale Inventories for August are predicted to increase by 0.8% monthly. Forex traders can compare this to previous US Wholesale Inventories for August which increased by 0.8% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.3135 to 1.3195 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3165
- Take Profit Zone: 1.3570 – 1.3655
- Stop Loss Level: 1.3035
Should price action for the GBPUSD breakdown below 1.3135 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2995
- Take Profit Zone: 1.2785 – 1.2850
- Stop Loss Level: 1.3165
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