gbp usd exchange rate

GBP USD exchange rate goes down to 1.3000, Brexit eyed

  • GBP USD exchange rate has lost speed and it is trading low next to 1.3000.
  • Cox has announced that the Brexit deal poses a risk.
  • The House of Commons must vote on Theresa May’s Brexit plan.
  • After reaching the 1.3300 value due to lack of data the pair quickly fell close to 1.3000.

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According to today the GBP USD currency pair has lost the 1.3300 point due to lack of support data and it is now trading in the close vicinity of the 1.3000 low level and the Brexit negotiations will continue to be the main market driver.

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GBP USD exchange rate goes down before the Brexit vote

Today I have noticed that the GBP USD shared currency pair is facing a lot of pressure just after Mr. Redwood has announced that the ERG is not going to support Theresa May’s plan concerning the Brexit negotiations. More important at the same time G.Cox announced that there are many serious legal risks surrounding the Brexit deal.

I believe that all eyes will stay fixed on the upcoming Parliamentary vote in the UK, on top of this Barclay affirmed that the Irish backstop is still a major concern.

As for data releases I think that the Industrial Production figures came out reassuring and the Manufacturing Production figures increased in volume since the beginning of the trading year Negative influence is still coming in from the alarming budget deficit which now has managed to reach the sum of £13.05.

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Why I think GBP USD exchange rate is one of the best currencies to trade right now

I also believe that rejecting May’s deal in the House of Commons will definitely clear the path to a new set of scenarios regarding the no deal outcome, also the extension of Article 50 will triggered immediately.

I am confident that the UK PM Theresa May is going to make her intentions extremely clear in order to get the best results, unfortunately there are fewer and fewer who believe that this is going to happen any time soon.

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

Sell is the main action for GBP USD exchange rate

Highest level = 1.3310

Lowest level = 1.3285

Volatility level = Very High

Today’s Forex predictions

Here is my GBP/USD forecast for tomorrow

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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 currency pair is going downwards by huge negative value of -0.79% and it is trading close to the 1.3046 level therefore by jumping over the 1.2987 level this will definitely clear the path towards the 1.2960 level followed close up by 1.2954.

On the other side of the coin there are several solid levels starting with 1.3288 followed close up by 1.3350 and lastly ending with 1.3362.

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