Here are the key factors to keep in mind today for British Pound trades:
- UK BRC Shop Price Index: The UK BRC Shop Price Index for September decreased by 1.8% annualized. Forex traders can compare this to the UK BRC Shop Price Index August which decreased by 2.0% annualized.
- British Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The British Markit/CIPS Services PMI for September is predicted at 52.2. Forex traders can compare this to the British Markit/CIPS Services PMI for August which was reported at 52.9. The British Markit/CIPS Composite PMI for September is predicted at 52.3. Forex traders can compare this to the British Markit/CIPS Composite PMI for August which was reported at 53.6.
Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for September is predicted at 165K. Forex traders can compare this to the US ADP Employment Change for August which was reported at 177K.
- US Trade Balance: The US Trade Balance for August is predicted at -$39.2B. Forex traders can compare this to the US Trade Balance for July which was reported at -$39.5B.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for September is predicted at 53.0. Forex traders can compare this to the US ISM Non-Manufacturing PMI for August which was reported at 51.4.
- US Factory Orders: US Factory Orders for August are predicted to decrease by 0.2% monthly. Forex traders can compare this to US Factory Orders for July which increased by 1.9% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.2700 to 1.2750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2725
- Take Profit Zone: 1.3400 – 1.3450
- Stop Loss Level: 1.2600
Should price action for the GBPUSD breakdown below 1.2700 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2675
- Take Profit Zone: 1.2500 – 1.2550
- Stop Loss Level: 1.2750
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
