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!
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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
According to Fxempire.com today the GBP/USD exchange rate is trading in the close vicinity of the 1.3065 level and it has been predicted to reach the 1.3020 level in the near future due to uncertainty regarding the upcoming Brexit vote in the UK Parliament.
GBP/USD exchange rate has reached the high level of 1.3140
Today I have noticed that the GBP/USD currency pair has managed to reach the level of 1.3140 at the beginning of the trading session but without any solid support it quickly lost the high level to the low point of 1.3040 and with this event huge amounts of selling steam began to build up and I believe that the cross will quickly fall in the proximity of the 1.3020 point.
The data calendar is rather shallow today and there are no significant Brexit news to influence the trading process, however everyone is waiting patiently for the Brexit vote in the UK Parliament scheduled to take place on the 29th of January.
Why I think GBP/USD is one of the best currencies to trade right now
I have also noticed that all eyes are fixed on Theresa May’s “Plan B” regarding the Brexit unfold.
As for data releases I have noticed that there are some vibes coming in from the release of the Mortgage Approvals in the UK and the 38.8K value has fallen below most predictions.
Across the ocean in the United States the Durable Goods Orders and New Home Sales data have been predicted to offer a helping hand to the overall trading process.
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 = 1.3140
Lowest level = 1.3010
Volatility level = Extremely High
Today’s Forex predictions
Here is my GBP/USD forecast for tomorrow
Sell 85 %
Buy 15 %
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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 exchange rate is going downwards by a negative value of -0.8% and it is trading in the close vicinity of the 1.3073 level and it is relying heavily on the 1.3138 point followed close up by 1.3174 and lastly ending with 1.3257.
On the other side of the medal I have believe that by jumping over the 1.3000 level this will definitely clear the trading path towards the 1.2950 point followed close up by 1.2897.
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