Feb 16 – Economic Events to Watch While Chinese Celebrates New Year

A very Happy New Year to my Chinese friends.

The team FX Leaders gifted 5 winning Forex Trading Signals with 100% strike rate ahead of Chinese lunar year. Today, there are only a few economic events from the UK, US, and Canada but the technical indicators will play the role. Check out the trade setups below…

Top Events to Watch Today

Great Britain Pound – GBP

Retail Sales m/m – At 9:30 (GMT), the Office for National Statistics will release the retail sales. The data is expected to be 0.5% vs. -1.5% in the past. Therefore, the Sterling is likely to stay supported over this.

US Dollar – USD

Prelim UoM Consumer Sentiment – We will end our week with the US consumer sentiment. For all the Newbies, It’s a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions. Thus, it’s going to be exciting to see if the plunge in the US stock market has placed any impact on sentiment consumers. Overall, it’s forecasted to be 95.6 vs. 95.7.

Building Permits – At 13:30 (GMT), investors will be eyeing the new residential building permits which are forecasted to be 1.29M slightly lower than 1.30M.  Do check FX Leaders News Trading Strategy in order to trade the economic data profitability.

GBP/USD – Trendline Resistance

The Cable soared to trade near $1.4135. The bullish trend in the Cable was initiated on completion a bullish harmonic pattern with C to D wave completing at $1.3840.

GBP/USD – 120 – Min – Bearish Trendline

But now, the bullish trend seems to get weaker as the major currency pair has entered the overbought zone. In addition, on the 2 – hour chart, you can see a bearish trendline which is likely become a hurdle at $1.4150. We may see a bearish reversal or retracement if Sterling fails to break above 1.4150 resistance.

GBP/USD – Key Trading Levels

Support     Resistance

1.4033          1.4143

1.3961          1.4181

1.3923          1.4253

Key Trading Level:    1.4071

GBP/USD Trade Plan

Investors are advised to keep a close eye on $1.4145, below this, the GBP/USD can give us a selling opportunity with a stop above $1.4175 and take profit at $1.410. Good luck!