Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for September is predicted to increase by 0.3% monthly and by 2.6% annualized. Forex traders can compare this to the UK CPI for August which increased by 0.7% monthly and by 2.7% annualized. The Core CPI for September is predicted to increase by 2.0% annualized. Forex traders can compare this to Core CPI for August which increased by 2.1% annualized.
- UK RPI: The UK RPI for September is predicted to increase by 0.1% monthly and by 3.5% annualized. Forex traders can compare this to the UK RPI for August which increased by 0.9% monthly and by 3.5% annualized. The UK RPI Excluding Mortgage Interest Payments for September is predicted to increase by 3.4% annualized. Forex traders can compare this to the UK RPI Excluding Mortgage Interest Payments for August which increased by 3.4% annualized.
- UK PPI: The UK PPI Input for September is predicted to increase by 0.8% monthly and by 9.2% annualized. Forex traders can compare this to the UK PPI Input for August which increased by 0.5% monthly and by 8.7% annualized. The UK PPI Output for September is predicted to increase by 0.2% monthly and by 2.9% annualized. Forex traders can compare this to the UK PPI Output for August which increased by 0.2% monthly and by 2.9% annualized. The UK PPI Core Output for September is predicted to increase by 0.2% monthly and by 2.3% annualized. Forex traders can compare this to the UK PPI Core Output for August which increased by 0.1% monthly and by 2.1% annualized.
- UK House Price Index: The UK House Price Index for August is predicted to increase by 2.8% annualized. Forex traders can compare this to the UK House Price Index for July which increased by 3.1% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for September are predicted to decrease by 5.6% monthly to 1,210K starts and Building Permits are predicted to increase by 2.1% monthly to 1,275K permits. Forex traders can compare this to US Housing Starts for August which increased by 9.2% monthly to 1,282K starts and to Building Permits which decreased by 5.7% monthly to 1,229K permits.
- FOMC Minutes: The US Federal Reserve will release minutes from its last meeting today and forex traders will look for any potential change in the wording used which could give insight to future monetary policy adjustments. The Fed is turning more hawkish and forex traders will look for a change in the outlook as President Trump is openly attacking the Fed under Chief Powell who was selected by Trump himself.
Should price action for the GBPUSD remain inside the or breakdown below the 1.3135 to 1.3235 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3175
- Take Profit Zone: 1.2785 – 1.2850
- Stop Loss Level: 1.3260
Should price action for the GBPUSD breakout above 1.3235 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3260
- Take Profit Zone: 1.3410 – 1.3470
- Stop Loss Level: 1.3175
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
