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 is trading above the 1.3300 level but without support backing it up it is highly possible that in the near future the cross will return to the low level of 1.3280.
GBP USD exchange rate stays focused on Brexit
The GBP single currency is navigating at the beginning of the trading month in towards the 1.3300 significant level and a lot of influence is coming in from the Theresa May’s motion which has passed the vote of the House of Commons and as a direct reaction to this the sterling has managed to regain some of its previously lost stability on the trading chart.
I also believe that there will be many investors which will keep a close eye on the Parliamentary vote on the 12th of March and to a certain extent there are several official voices that say that Article 50 will be also a hot button debate and this will offer plenty of support for the GBP USD exchange rate.
The European Union data calendar is fairly empty at the end of the trading week.
Why I think EUR/USD exchange rate is one of the best currencies to trade right now
As for data releases I have found that the house prices tracked by Nationwide have increased in value by +0.4% on a monthly basis and by +0.1% on a year to year basis. At the same time the release of the manufacturing PMI prints are just around the corner and the Bank of England will also release an update on the volume of the Consumer Credit figures as well as the M4 Money Supply.
It is in my belief that the GBP will continue to stay under the lime light for a while longer and because of the ongoing Brexit negotiations there is no hope is escaping this excessive attention.
On top of this the probability of having a second referendum is virtually gone.
Today I advise you to use the SELL action as much as possible!
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A summary of Highs and Lows for the GBP/USD
Highest level = 1.3268
Lowest level = 1.3241
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 downwards by a negative value of -0.07% and it is currently trading in the close vicinity of the 1.3305 level therefore by jumping over the 1.3217 level this will definitely clear the trading path towards the 1.3091 level followed close up by 1.3016 level.
On the other side of the medal there are several solid levels starting with 1.3350 followed close up by 1.3362 and lastly ending with 1.3472.
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