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 currency pair today
According to FxEmpire.com today the GBP/USD currency pair is reacting to the releases of the inflation figures in the United Kingdom and on top of this the CPI data release has managed to create a tidal wave in the financial market.
GBP/USD going upwards because of the CPI data release
I believe that for now at least the buying interest surrounding the GBP will continue to stay very solid and in the middle of the trading week the trading cross is already touching fresh new levels all of which are placed well above the 1.3200 point.
I think that after the release of the CPI figures the GBP went as high as 1.3200 and it will not stop there because the recent presentation of the inflation data in the UK has also managed to show significant signs of improvement over the trading chart.
Live market charts
The chart is showing directions of today’s recommended currency pair. The EUR/USD chart for today shows it is in an down position. 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
In addition to this I think that the surprise today came mostly because few have anticipated that the CPI would post this well going upwards by a positive value of +0.7% on a monthly basis and by a value of +2.7% on a yearly basis. I have also noticed that the food and energy costs went up to +2.1%.
Another important thing to mention is that across the ocean the US DXY index is showing some serious signs of weakness and the risk-associated situation is just around the corner for the USD. I also believe that the Brexit negotiations are not going as planned.
Today I advise you to use the SELL 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 = 1.3225
Lowest level = 1.3105
Volatility level = Extremely High
Today’s Forex predictions
Here is my GBP/USD forecast for tomorrow
Sell 100 %
Buy 0 %
S3 = 1.3312 S2= 1.3361 S1 = 1.3393
R1 = 1.2927 R2 = 1.2964 R3 = 1.2992
GBP/USD significant trading levels
For the time being the GBP/USD currency pair is going upwards by a huge positive value of +0.47% and it is trading in the close vicinity of the 1.3205 level therefore by jumping over the 1.3215 level this will clear the trading path towards the 1.3364 level at first followed close up by the 1.3523 point.
On the other side of the medal there are several solid points beginning with the 1.3067 point continuing with the 1.2983 point and lastly ending with the 1.2785 level.
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