Here are the key factors to keep in mind today for British Pound trades:
- UK Retail Sales: UK Retail Sales for April are predicted to decrease by 0.5% monthly and to increase by 4.3% annualized. Forex traders can compare this to UK Retail Sales for March which increased by 1.2% monthly and by 6.2% annualized. UK Retail Sales Including Auto and Fuel for April are predicted to decrease by 0.4% monthly and to increase by 4.5% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for March which increased by 1.1% monthly and by 6.7% annualized.
- UK CBI Reported Sales and CBI Total Distributed Reported Sales: UK CBI Reported Sales for May are predicted at 6 and CBI Total Distributed Reported Sales are predicted at 4. Forex traders can compare this to UK CBI Reported Sales for April which were reported at 13 and to CBI Total Distributed Reported Sales which were reported at 9.
Here is the key factor to keep in mind today for US Dollar trades:
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for April are predicted to decrease by 2.0% monthly and Durables Excluding Transportation are predicted to increase by 0.2% monthly. Forex traders can compare this to US Durable Goods Orders for March which increased by 2.6% monthly and to Durables Excluding Transportation which increased by 0.3% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for April are predicted to decrease by 0.1% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.4% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for March which increased by 1.4% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which were reported flat at 0.0% monthly.
Should price action for the GBPUSD remain inside the or breakout above the 1.2655 to 1.2715 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2680
- Take Profit Zone: 1.3025 – 1.3130
- Stop Loss Level: 1.2600
Should price action for the GBPUSD breakdown below 1.2655 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2580
- Take Profit Zone: 1.2400 – 1.2480
- Stop Loss Level: 1.2625
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
