Here is the key factor to keep in mind today for British Pound trades:
- UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Trends Total Orders for September are predicted at -5 and CBI Trends Selling Prices are predicted at 10. Forex traders can compare this to CBI Trends Total Orders for August which were reported at - and to CBI Trends Selling Prices which were reported at 8.
Here are the key factors to keep in mind today for US Dollar trades:
- US Chicago Fed National Activity Index: The US Chicago Fed National Activity Index for August is predicted at 0.13. Forex traders can compare this to the US Chicago Fed National Activity Index for July which was reported at 0.27.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of September 17th are predicted at 261K and US Continuing Claims for the week of September 10th are predicted at 2,143K. Forex traders can compare this to US Initial Jobless Claims for the week of September 10th which were reported at 260K and US Continuing Claims for the week of September 3rd which were reported at 2,143K.
- US Existing Home Sales: US Existing Home Sales for August are predicted to increase by 1.1% monthly to 5.45M. Forex traders can compare this to US Existing Home Sales for July which decreased by 3.2% monthly to 5.39M.
- US House Price Index: The US House Price Index for July is predicted to increase by 0.3% monthly. Forex traders can compare this to US House Price Index for June which increased by 0.2% monthly.
- US Leading Indicators: US Leading Indicators for August are predicted flat at 0.0% monthly. Forex traders can compare this to US Leading Indicators for July which increased by 0.4% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.3050 to 1.3100 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3075
- Take Profit Zone: 1.3900 – 1.4000
- Stop Loss Level: 1.2750
Should price action for the GBPUSD breakdown below 1.3050 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3000
- Take Profit Zone: 1.2700 – 1.2750
- Stop Loss Level: 1.3050
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
