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:
- GBP/USD exchange rate is gaining speed on the chart and the cross is close to 1.2780.
- The weak USD dynamics is taking its toll on the overall trading process.
- US Fed rate expectation is on a weak tone and it is very vulnerable to the Brexit negotiations.
According to Fxempire.com today the GBP/USD shared currency pair is trading in the close vicinity of the 1.2760 level and it is already showing strong signs of moving upwards on the chart close to the 1.2790 level and at the bottom of this stands the weak US data releases.
GBP/USD exchange rate is reacting to the Brexit negotiations
I have recently noticed that the GBP/USD currency pair has managed to climb very fast in only a moments’ notice from 1.2750 towards 1.2790 however there is a huge amount of resistance around the 1.2780 level, more important the cross will be testing the critical level of 1.2800 for a while.
I believe that the economic losses are weighing heavily on the European single currency and the USD is not solid enough to help out the trading process. The US DXY index will begin to climb downwards as the expectations are now in the negative area.
Why I think GBP/USD is one of the best currencies to trade right now
I believe that if there will be no positive data on the table really soon, we are quickly going to see the 1.2800 level up and running before January ends.
In the meantime in the United Kingdom the GBP single currency is becoming more and more vulnerable as it closes in on the Brexit deal which will be voted shortly in the UK Parliament and time is definitely running short for all political parties as well as for EU officials.
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!
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A summary of Highs and Lows for the GBP/USD
Highest level = 1.2790
Lowest level = 1.2640
Volatility level = Expanding
Today’s Forex predictions
Here is my GBP/USD forecast for tomorrow
Sell 100 %
Buy 0 %
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 -0.4% and it is trading in the close vicinity of the 1.2790 level and it is relying heavily on the 1.2756 followed close up by the 1.2699 and lastly ending with the 1.2800 point.
On the other side of the table there are several solid levels beginning with 1.2579 and ending with the 1.2487.
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