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 shared currency pair is trading on a weak tone and the exchange rate will be dealing with a lot of heat in the close vicinity of the 1.2720 level with some variations towards the 1.1700 trading area all of which have the same UK economic troubles behind them.
GBP/USD exchange rate is waiting for the EU Parliament to act
I believe that the GBP/USD currency pair is patiently waiting for the European Court of Justice to finish deliberating on Article 50 and there is a possibility that the United Kingdom may give up on the all the entire Brexit process in order to exit the EU.
I have also noticed that on this vital news the the GBP/USD exchange rate sparked close to the 1.2760 level but it has lost most of its momentum when several UK officials have declared that there is no intention on canceling Article 50.
One of the most important data releases for this current trading session the GDP figure release which did not offer any significant influence or movements patterns thus failing to make any waves in the upcoming trading week.
Why I think GBP/USD is one of the best currencies to trade right now
I have also noticed that there have been several investors which instead of bidding they chose to sit and wait most probably for tomorrow’s vote in the UK Parliament on Theresa May’s negotiation deal.
At the same time across the ocean there is USD there is very small demand and the Fed won’t be holding any significant meetings this week so all eyes will continue to stay on the never ending Brexit negotiations with the EU.
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 = 1.2850
Lowest level = 1.2735
Volatility level = Expanding
Today’s Forex predictions
Here is my GBP/USD forecast for tomorrow
Sell 95 %
Buy 5 %
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 -0.3% and it is trading in the close vicinity of the 1.1270 level and it is relying heavily on the 1.2856 followed close up by the 1.2799 and lastly ending with the 1.2900 point.
On the other side of the table there are several solid levels beginning with 1.2689 and ending with the 1.2597.
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