Are you searching for a strong currency which is racing upwards on the trading chart? Guess what? Now you can make some great Pips on the GBP USD currency pair and begin your journey as a successful trader!
Here I will share what I believe about the GBP/USD movement on the trading chart today. I will explain in details why this is going to happen and how can it be in your advantage.
|Factors that might affect this pair today
According to FxEmpire.com today the GBP/USD currency pair is going to trade high on the trading chart with a lot of spikes and variations and at the bottom of this behavior stands the US data releases and Powell’s speech concerning the economic evolution.
GBP/USD currency pair will be heavily influenced by the US figures as well as Powell’s speech
I believe that the FOMC data in the United States did not create as much traction as it had been previously predicted but nonetheless the Treasury data is still easing off some steam from the trading process. I have also noticed that the Italian budget discussions have stopped and everything is right on track. The US DXY index did not manage to touch the 96.00 value as it still is close to the 94.64 value and I have noticed that it is deploying a lot of effort in keeping the 94.50 live.
In the meantime in the UK the Bank of England did not bring any fresh news on table furthermore Brexit-related news cannot help out the currency pair.
Live market charts
We want Forex to be all about profitable trading! Forex and Profits makes sure you have the latest live market charts available every day. I am using the ADX indicator as well as Bollinger bands with Moving Average and Stochastic Oscillator for the this currency pair. Only open new trades when all these indicators show a clear trend.
The chart is showing directions of today’s recommended currency pair. The chart for today shows it is in a clear bearish trend for the last few hours. Personally, I am using the ADX indicator to find good entry points on a 15 minute timeframe.
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Why I think GBP/USD is one of the best currencies to trade right now
I honestly believe that positive news is coming in from the speech of the UK’s Labor party leader Corbyn who has stated that Brexit will come out just fine.
I believe that today the main trading point for the GBP/USD currency pair is going to be the 1.3050 support level and it is going to receive some positive influence from the release of the GDP figures in the United States as well as the durable goods figures.
Today I advise you to use the BUY action as much as possible!
Let us know how you feel about the fact that the US is directly having a negative effect on the international political tensions? Let us know how you feel about this? 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 = 1.3170
Lowest level = 1.3124
Volatility level = Very High
Today’s Forex predictions
Here is my GBP/USD forecast for tomorrow
Sell 25 %
Buy 75 %
S3 = 1.3312 S2= 1.3341 S1 = 1.3323
R1 = 1.2957 R2 = 1.2934 R3 = 1.2942
GBP/USD significant trading levels
For the time being the GBP/USD shared currency pair is going downwards by a negative value of -.29% and it is currently trading in the close vicinity of the 1.3120 and I believe that it is relying heavily on the 1.3054 level for support.
On the other side of the table by jumping over the 1.3145 level this will clear the trading path towards the 1.3180 level followed close up by the 1.3217 point and lastly ending with the 1.3276 level.
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