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!
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According to Fxempire.com today the GBP USD shared currency pair is trading in the close vicinity of the 1.3223 level and it is showing solid signs of moving upwards in the proximity of the 1.3300 point just as the trading week finishes.
GBP/USD currency pair has not reacted at the US DXY index
I have recently noticed that the GBP/USD shared currency pair is trading in a steady line close to the 1.3223 level but without the proper support will quickly lose the cross towards lower points on the chart.
Right now trading cross is showing solid signs of moving close to the 1.3200 point where it will try to set up camp as a many support area.
I have also noticed that at the end of the trading week the USD managed to jump a few pips in a positive direction and the risk levels are still in still waters. Across the ocean in the US Wall Street has fallen by a value of -1.30% therefore there is a very intense activity concerning the United States bonds.
Investors are now expressing their fears regarding a possible recession in the future and so far the inversion of the Treasury yield has managed to strengthen those kinds of thoughts.
I believe that some significant influence will also be coming in from the releases of the US PMI report later at the end of the trading session.
Why I think GBP/USD exchange rate is one of the best currencies to trade right now
At the beginning of the trading session the release of the EZ PMI prints have managed to ignite a small decline especially on the equity markets and thus influence the US DXY index.
Back in the old continent, on the political front there are no new headlines regarding the Brexit negotiations apart from Irish officials announced that there will be no additional extensions for the UK.
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!
|Forex and Profits presents Today’s Free Forex Signal
A summary of Highs and Lows for the GBP USD
Highest level = 1.3330
Lowest level = 1.3215
Volatility level = Very High
Today’s Forex predictions
Here is my GBP USD forecast for tomorrow
Sell 90 %
Buy 10 %
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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 shared currency pair is trading in the close vicinity of the 1.3300 level and it is relying heavily on the 1.3220 level followed close up by 1.3260 and lastly ending with 1.3295.
On the other side of the medal I believe that the 1.3160, 1.3080 and the 1.3020 levels will be the best support points.
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