Are you searching for a strong currency with high potential on the trading chart? Guess what? Now you can make some great Pips on the GBP USD exchange rate and begin your journey as a successful trader!
According to Fxempire.com today the GBP USD currency pair is trading in the close vicinity of the 1.3050 level and it seems that it is receiving a lot of influence from the releases of the Bank of England recent inflation data release.
GBP/USD struggles to reach the 1.3100 level
I have noticed that at the end of the trading week the GBP USD currency pair has reacted promptly to the Bank of England official announcement that the rate will continue to stay unchanged at 0.75% which surprisingly came in accordance with most.
I have also noticed that the MPC voted in a unanimous manner to maintain the balanced stance of the monetary policy. I also believe that the Bank of England has signaled that it definitely needs more than a rate hike to keep inflation figures in line and under control.
As for the official inflation report, the central UK bank has managed to lower its predictions for the economic growth and it has signaled a growth of +1.5%.
In addition to this the BoE consumer prices are definitely creating a huge fuss for investors.
Why I think GBP/USD exchange rate is one of the best currencies to trade right now
At end of the trading session I noticed that some influence will came in from the speech where the Bank of England Governor Mark Carney will be addressing some issues regarding the inflation levels.
As for political influences the upcoming parliamentary elections in the European Union are offering a lot of influence and all investors will keep a close eye on the populist option among voters.
Today I advise you to use the SELL action as much as possible!
Let us know how you feel about this analysis? Even if you are a novice trader we would still like to know your opinion!
|Forex and Profits presents Today’s Free Forex Signal|
A summary of Highs and Lows for the GBP USD
Highest level = 1.3120
Lowest level = 1.3090
Volatility level = Very High
Today’s Forex predictions
Here is my GBP USD forecast for tomorrow
Sell 90 %
Buy 10 %
S3 = 1.2922 S2= 1.2951 S1 = 1.2973
R1 = 1.2967 R2 = 1.2924 R3 = 1.2932
GBP/USD significant trading levels
For the time being the GBP USD currency pair is going upwards by a small yet positive value of +0.2% and it is trading in the close vicinity of the 1.3055 level and it is relying heavily on the 1.3102 level followed close up by 1.3132 and lastly ending with 1.3196.
On the other side of the coin I believe that by jumping over the 1.3011 level this will definitely clear the trading path towards the 1.2960 level and lastly ending with 1.2865.
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