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!
I will share what I believe to be the GBP/USD movement on the trading chart today. I will explain in detail why this is going to happen.
- The release of the PMI data in the UK highlighted the 54.3 value for the previous month.
- The GBP/USD is now reacting to the continuous USD demand which is growing fast due to Brexit overwhelming concerns.
According to FxEmpire.com today the GBP/USD currency pair has managed to touch the 1.2850 level but without solid data releases to back this up the trading cross will soon fall downwards close to the 1.2750 level. I think that from that place it will continue to trade for a while maybe until the trading session ends.
GBP/USD currency pair is reacting to UK PMI data
I believe that the GBP/USD currency pair has managed to stay for a while in the proximity of the 1.2870 level even with this fresh movement the trading cross lost speed because of the weak USD demand. I think that the Brexit sparks are a continuous pressure since it began and it’s getting worse as time passes.
I have noticed that there is a lot of selling pressure building up around the currency pair which appeared after the early releases of the PMI figures in the UK. More important this data came in under most expectations thus further disappointing the UK investors. The PMI also went up close to 54.3 for the previous month and I feel confident that the total lift will be between 25 and 35 pips.
Right now the GBP/USD currency pair will continue to stay within normal trading limits without any critical variations but the 1.2800 will be under the limelight for a while.
I honestly advise to use the BUY action as much as possible today! There result will be amazing.
Let us know how do you feel about the data released earlier today in the UK? Will the GBP/USD continue to gain ground?
A summary of Highs and Lows for the GBP/USD
Highest level = 1.2872
Lowest level = 1.2806
Volatility = Increasing
Today’s Forex forecast – We advise you to:
- Sell 10%
- Buy 90%
S3 = 1.2750 S2= 1.2790 S1 = 1.2816
R1 = 1.2883 R2 = 1.2916 R3 = 1.2953
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GBP/USD significant trading levels
For the time being the GBP/USD currency pair is going downwards by a negative value of -0.3% and it is currently trading in the close vicinity of the 1.2815 level and it will look at the 1.2700 level for a strong support point.
On the other side of the table there are several strong levels starting with 1.2800 continuing with the 1.2855 and lastly ending with the 1.2900 level.
We value your opinion very much let us know how you feel about our predictions?