Here are the key factors to keep in mind today for British Pound trades:
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for September is predicted at £1.2B and Net Lending Securities on Dwellings is predicted at £2.9B. Forex traders can compare this to UK Net Consumer Credit for August which was reported at £1.1B and to Net Lending Securities on Dwellings which was reported at £2.9B.
- UK Mortgage Approvals: UK Mortgage Approvals for September are predicted at 64.7K. Forex traders can compare this to UK Mortgage Approvals for August which were reported at 66.4K.
Here are the key factors to keep in mind today for US Dollar trades:
- US Personal Income and Personal Spending: US Personal Income for September is predicted to increase by 0.4% monthly and Personal Spending is predicted to increase by 0.4% monthly. Forex traders can compare this to Personal Income for August which increased by 0.3% monthly and to Personal Spending which increased by 0.3% monthly. Real Personal Spending for September is predicted to increase by 0.3% monthly. Forex traders can compare this to Real Personal Spending for August which increased by 0.2% monthly. The PCE Deflator for September is predicted to increase 0.1% monthly and by 2.0% annualized. Forex traders can compare this to the PCE Deflator for August which increased by 0.1% monthly and by 2.2% annualized. The PCE Core Deflator for September is predicted to increase by 0.1% monthly and by 2.0% annualized. Forex traders can compare this to the PCE Core Deflator for August which was reported flat at 0.0% monthly and which increased by 2.0% annualized.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for October is predicted at 28.1. Forex traders can compare this to the US Dallas Fed Manufacturing Index for September which was reported at 28.1.
Should price action for the GBPUSD remain inside the or breakout above the 1.2800 to 1.2865 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2840
- Take Profit Zone: 1.3235 – 1.3300
- Stop Loss Level: 1.2775
Should price action for the GBPUSD breakdown below 1.2800 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2790
- Take Profit Zone: 1.2590 – 1.2660
- Stop Loss Level: 1.2840
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
