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 has managed to reach the 1.2800 level and it is currently deploying a lot of effort in maintaining this position for as long as it can.
GBP USD exchange rate is keeping a close eye on the Brexit talks
I have noticed that many investors were surprised when the UK data calendar has brought positive data release and as such the direct reaction to this event the currency pair climber upwards close to 1.2800.
The GBP USD exchange rate has also reacted promptly to the release of the Retail Sales data in the UK which has increased by +1.0% during the first month of the year and by +4.2% on a 12 month basis. Still in the UK the Sale Core has increased by a value of +1.2% thus surpassing most predictions.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
Many investors believe that the GBP single currency is deploying a lot of effort in recovering all the lost territory but this is proving to be harder and harder to achieve mostly because of the upcoming poor inflation data generated by the Brexit negotiations.
I have also noticed that some negative influence also came in after the UK Prime Minister Theresa May was defeated in arguments in the House of Commons and her “Plan B” is only an extension of the already failed “Plan A”.
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!
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A summary of Highs and Lows for the GBP/USD
Highest level = 1.2898
Lowest level = 1.2784
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 exchange rate is going upwards by a positive value of +0.01% and it is trading in the vicinity of the 1.2810 level and it is relying heavily on the 1.2883 point continuing with 1.2958 and lastly ending with 1.3000.
On the other side of the coin by jumping over the 1.2772 level this will clear the path towards the 1.2668 point and lastly ending with 1.2476.
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