Feb 13 – Top Economic Events & Trade Setups Today
Good morning, traders. We kickstarted the week with some brilliant trades in DAX, CAC, SPX and in our buddy Gold. Today, I’m expecting some action during the European and London session, so brace yourself for further forex trading signals. Here’s something you should see before trading today…
Economic Events Watchlist
Great Britain Pound – GBP
Today we can see some nice trade opportunities in the Pound on the back of Inflation figures.
CPI y/y is due at 9:30 (GMT) with a negative forecast of 2.9% in 2018’s first release vs. 3.0% in Dec 2017. After the BOE shifted it’s sentiment to hawkish, the market expectations for a rate hike in May have grown quite substantially. Thus, a rise in inflation will take the rate hike sentiment to the next level.
PPI Input m/m – The Producer Price Index figure is coming out at 9:30 (GMT) with a negative forecast of 0.7% vs. 0.1%. It’s a leading indicator of consumer inflation. When manufacturers pay more for goods the higher costs are usually passed on to the consumer and leads to higher prices.
US Dollar – USD
FOMC Member Mester Speaks – The FOMC member is due to speak about the economic outlook and monetary policy at the Dayton Area Chamber of Commerce Government Affairs Breakfast at 13:00 (GMT).
GBP/USD – Bullish Harmonic Pattern Rolling
The major currency pair GBP/USD keeps on trading below a solid resistance area of 1.4000. But recently, the Cable has completed a bullish harmonic pattern with C to D wave completing at $1.3840.
GBP/USD – 60 Min Chart
Since the leading indicators are holding in a buying zone, we may see a bullish reversal in the pair. But wait, you simply can’t ignore the UK Inflation figure we discussed above. Actually, the CPI data will work as a catalyst to determine the future trend of the market. Do check FX Leaders News Trading Strategy in order to trade the CPI figure profitability.
GBP/USD – Key Trading Levels
Support Resistance
1.3804 1.3884
1.376 1.392
1.3724 1.3964
Key Trading Level: 1.384
GBP/USD Trade Plan
Investors are advised to keep a close eye on $1.3835, above this, the GBP/USD can give us a buying opportunity with a stop below $1.3815 and take profit at $1,3870. Good luck!
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