gbp usd exchange rate

GBP USD exchange rate is now next to 1.13200, Brexit negotiations eyed

  • GBP USD exchange rate goes down because of the weak PMI data.
  • Key Services PMI published a value close to 50.1 at the beginning of the trading year.
  • Brexit negotiations continue to remain the hottest subject of the moment.
  • There is a very strong selling pressure around the GBP/USD.

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According to today the GBP USD exchange rate is under a lot of selling pressure and it is trading in the proximity of the 1.1300 level and at the bottom of this stands the release of the PMI data.

GBP USD exchange rate reacted promptly to weak PMI data

I believe that the GBP USD currency pair is in for a long and hard trading week mostly because there is no positive data at the horizon, the pair is basically receiving weak influence from almost all corners starting with slow data from January’s Services PMI which landed close to 50.1 similar to 2016 and ending with the financial crippling Brexit negotiations.

I have also noticed that since the beginning of the month the trading sentiment is deteriorating very fast and the pessimism is growing higher and higher and at the core of this situations we can find the never ending Brexit negotiations and the UK Parliament vote regarding the EU divorce and as a prompt reaction the trading cross is virtually unable to jump past the 1.3200 point and offer some soft ground for the GBP USD exchange rate.

Still in the UK the PM Theresa May has been called to floor in order to defend her Brexit deal and so far it seems that the outline of the “border scenario” with Northern Ireland is already a boiling pot.

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

As for the European Union I have noticed that the data calendar is rather empty and there is no data coming in that could influence the movement of the trading cross.

Also it is wise to mention that almost all market participants are keeping a close eye on the evolution of the Brexit negotiations.

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 exchange rate

Highest level = 1.3200

Lowest level = 1.3120

Volatility level = Very High

Today’s Forex predictions

Here is my GBP/USD forecast for tomorrow

Sell is the main action for GBP USD exchange rate

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 I have noticed that the GBP USD is going downwards by a negative value of -0.15% and it is trading in the close vicinity of the 1.3016 level and it is relying heavily on the 1.3000 level followed close up by 1.2965 and lastly ending with the 1.2902 level.

On the other side of the coin I believe that by jumping over the 1.3089 level this will clear the trading path towards the 1.3217 at first followed close up by the 1.3257 point.

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