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
According to Fxempire.com today the GBP/USD exchange rate is gaining speed on the trading chart and it has recently managed to touch the 1.3200 level but only for a brief moment as there were no solid data release to back this up the cross quickly fell close to 1.3140.
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GBP/USD exchange rate is keeping a close eye on the Brexit Parliament vote
I have recently noticed that the debut of the trading week has shown some increasing cautiousness among most investors this is mostly because of the upcoming Brexit vote in the Parliament regarding Theresa May’s Brexit “Plan B”.
This Parliament vote is sure to open the door towards the United Kingdom and European Union however this is going to be a difficult measure to apply mostly because half of the UK Parliament does not want to activate Article 50 and prevent a no-deal scenario.
Across the ocean in the United States the data calendar is very scarce and no news came in from the US Fed rate cuts.
Why I think GBP/USD is one of the best currencies to trade right now
I also believe that the GBP/USD exchange rate is going to trade in a very narrow corridor up until the end of the trading week. The GBP single currency is receiving punch after punch as the Brexit negotiations stretch to a disturbing extent.
I think that the GBP/USD is going to recover very hard from this transition and the first sparks are already on the table as optimism seems to fade.
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 = 1.3180
Lowest level = 1.3060
Volatility level = Extremely 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 exchange rate is going downwards by a negative value of -0.21% and it is trading in the close vicinity of the 1.3166 level and it is relying heavily on the 1.3138 point followed close up by 1.3065 and lastly ending with 1.3001.
On the other side of the coin I believe that by jumping over the 1.3217 level this will definitely clear the trading path towards the 1.3257 level at first followed close up by the 1.3298 point.
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