ForexProfitZone - GBP/USD Forecast Fundamental Analysis

GBP/USD Forecast Fundamental Analysis | British Pound / US Dollar

Tuesday March 23, 2021

The UK Employment Change for the tri-monthly period ending in January is predicted at -167K, and the ILO Unemployment Rate is predicted at 5.2%.

Forex traders can compare this to the UK Employment Change for December, reported at -114K, and to the ILO Unemployment Rate, reported at 5.1%. Average Weekly Earnings for the tri-monthly period ending in January are predicted to increase by 4.9% annualized, and Average Weekly Earnings Excluding Bonuses are predicted to increase by 4.4% annualized. Forex traders can compare this to Average Weekly Earnings for December, which increased by 4.7%, and Average Weekly Earnings Excluding Bonuses, which increased by 4.1%. UK CBI Industrial Industrial Trends Orders for March are predicted at -20. Forex traders can compare this to CBI Industrial Trends Orders for February, reported at -24.

The US Current Account Balance for the fourth quarter is predicted at -$189.9B. Forex traders can compare this to the US Current Account Balance for the third quarter, reported at -$178.5B. US New Home Sales for February are predicted to decrease by 6.5% monthly to 875K new homes. Forex traders can compare this to US New Home Sales for January, which increased by 4.3% monthly to 923K new homes.

The forecast for the GBP/USD is turning bullish again following its most recent correction, supported by its ascending Ichimoku Kinko Hyo Cloud. Traders must remain patient as volatility may increase after the Kijun-sen and Tenkan-sen flatlined. The CCI may briefly dip into extreme oversold territory before staging a reversal, and traders should wait for it.

GBP/USD Forecast Fundamental Analysis | British Pound / US Dollar