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 exchange rate 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
- The GBP/USD exchange rate has lost most of its preliminary gains and has fallen close to the 1.2750 level.
- The release of the production PMI data has landed close to the 53.2 level.
- The ongoing Brexit negotiations are still the main event of the day.
According to FxEmpire.com today the GBP/USD currency pair has managed to climb towards the 1.2830 level at the beginning of the chart but without any solid data releases to back up this movement the exchange rate quickly fell down towards the 1.2700 low point.
GBP/USD exchange rate will be heavily influenced by the Brexit negotiations
The GBP/USD currency pair has managed to touch the 1.2800 high level today as the Asian session began to underline its risk values and after all the positive movement some influence began to appear from the Presidential meeting between Trump and Xi. This important meeting brought a very important agreement and it has been settled that a 90 day truce will be placed between the US-China trade war.
Why I think GBP/USD is one of the best currencies to trade right now
Back in the United Kingdom all eyes are now currently fixed on the ongoing Brexit negotiations and there has been a strong harsh discussion in the House of Commons. On the data front investors will be patiently waiting for Theresa May’s speech regarding the Brexit deal.
Later in the trading session across the ocean the exchange rate is going to be heavily influence by the release of the ISM manufacturing data in the US and on top of this some influence will be also coming in from the key speeches held by FOMC members.
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 = 1.2850
Lowest level = 1.2735
Volatility level = Expanding
Today’s Forex predictions
Here is my GBP/USD forecast for tomorrow
Sell 80 %
Buy 20 %
S3 = 1.3022 S2= 1.3051 S1 = 1.3073
R1 = 1.3067 R2 = 1.3024 R3 = 1.3032
GBP/USD significant trading levels
For the time being the GBP/USD shared currency pair is going downwards by a negative value of -0.2% and it is trading in the close vicinity of the 1.2748 level and I believe that it will be relying heavily on the 1.2825 point followed close up by the 1.2883 level and lastly ending with 1.2928 point.
On the other side of the coin I believe that by jumping over the 1.2724 level this will clear the trading path towards the 1.2696 point followed close up by the 1.2662 point.
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