Are you searching for a strong currency with high potential 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!
According to Fxempire.com 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.
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!
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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 90 %
Buy 10 %
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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