Here is the key factor to keep in mind today for British Pound trades:
- UK CBI Retailing Reported Sales and CBI Total Distributed Reported Sales: UK CBI Retailing Reported Sales for September were reported at 42 and CBI Total Distributed Reported Sales were reported at 44. Economists predicted a figure of 8 and 24. Forex traders can compare this to UK CBI Retailing Reported Sales for August which were reported at -10 and to CBI Total Distributed Reported Sales which were reported at 2.
Here are the key factors to keep in mind today for US Dollar trades:
- US MBA Mortgage Applications: US MBA Mortgage Applications for the week of September 22nd decreased by 0.5%. Forex traders can compare this to US MBA Mortgage Applications for the week of September 15th which decreased by 9.7%.
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for August increased by 1.7% monthly and Durables Excluding Transportation increased by 0.2% monthly. Economists predicted an increase of 1.0% and of 0.2%. Forex traders can compare this to US Durable Goods Orders for July which decreased by 6.8% monthly and to Durables Excluding Transportation which increased by 0.8% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for August increased by 0.9% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft increase by 0.7% monthly. Economists predicted an increase of 0.3% and of 0.1%. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for July which increased by 1.1% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 1.1% monthly.
- US Pending Home Sales: US Pending Home Sales for August are predicted to decrease by 0.5% monthly and by 1.8% annualized. Forex traders can compare this to US Pending Home Sales for July which decreased by 0.8% monthly and by 0.5% annualized.
Should price action for the GBPUSD remain inside the or breakout above the 1.3380 to 1.3420 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3400
- Take Profit Zone: 1.3650 – 1.3700
- Stop Loss Level: 1.3285
Should price action for the GBPUSD breakdown below 1.3380 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3350
- Take Profit Zone: 1.3080 – 1.3120
- Stop Loss Level: 1.3400
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
