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 shared currency pair is trading in the close vicinity of the 1.1340 level and there is a huge possibility that the trading cross is going towards the 1.1360 level and at the bottom of this stands the recent Brexit negotiations.
GBP/USD currency pair is being influenced directly by Brexit
Today I have noticed that the GBP/USD shared currency pair has managed to touch the 1.3240 level and it is showing strong signs of moving towards the 1.3260 level.
I have also noticed that the trading cross has managed to meet a lot of solid resistance when it reached the 1.3260 level but so far I can be certain of one thing and that is that the currency pair is going to set camp in the close vicinity of the 1.3200 level.
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 think that there is a lot uncertainty around the Brexit negotiations and so far many market participants are still very reluctant about its success as we can see the British Pound already fell downwards once the UK Cabinet failed to land with a solution about the EU’s point of view regarding an open-ended period to remain in place versus the UK’s idea to put a time limit on leaving the European Union behind.
At the end of the trading week there are no significant data releases in the United Kingdom but in the United States the release of the Export and Import data will surely bring some influence in the NY trading session session.
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 the unending Brexit negotiations? 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 = 1.3259
Lowest level = 1.3152
Volatility level = Increasing
Today’s Forex predictions
Here is my GBP/USD forecast for tomorrow
Sell 75 %
Buy 25 %
S3 = 1.3022 S2= 1.3051 S1 = 1.3073
R1 = 1.2967 R2 = 1.2924 R3 = 1.2932
GBP/USD significant trading levels
For the time being the EUR/USD shared currency pair going downwards by a negative value of -0.57% and it is trading in the close vicinity of the 1.3219 level and it is relying on the 1.3116 level at first followed close up by the 1.3099 point and lastly ending with the 1.2921 level.
On the other side of the medal by jumping over the 1.3258 level I believe that this is going to open the trading path towards the 1.3299 level at first followed close up by the 1.3364 level.
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