The British Pound surged 2 percent versus the greenback in the last week on the expectations of high interest rates and stable purchasing by Asian central banks.
The pair GBP/USD reached 1.5855 against the US dollar reporting the increase of 2.18 percent for the last week. The pair is expected to experience support at 1.5717 whereas resistance is expected around the level of 1.591.
Following is the list of major events and factors that could have a significant impact on trading of GBP/USD.
The US markets are to be close on Monday January 17th, 2011 because of Martin Luther King Day. In United Kingdom report on house prices is to be published.
On Tuesday January 18th, 2011 data on consumer confidence will released in UK and Royal Institute of Chartered Surveyors will announce data on house prices. On the very day official report on consumer price inflation will also published. Whereas in United States will release its official manufacturing data and balance of domestic and foreign investment.
Data on UK’s employment change, unemployment rate, average earnings and key indicator on consumer inflation will be reported on January 19th, 2011. These economic indicators are to define the direction and forecast of Britain’s economy.
In United States report on building permits will be published indicating country’s construction activity.
On January 20th, 2011 the United Kingdom will release a report on expected industrial orders whereas in United States key data on jobless claims, home sales and manufacturing activity will be published.
On Friday January 21st, 2011 official report of retail sales and preliminary mortgage approvals will be published in United Kingdom. These reports are the primary measures of consumer spending and demand of housing markets in Britain respectively.
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Daily forex trading news written by Rehan from DailyForexTrade.com