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 currency pair is trading in the close vicinity of the 1.3050 level and it has lost most of the week’s gains which have been around 1.3080 and at the bottom of this stands the recent CPI data released earlier in the UK.
GBP/USD has lost the 1.3070 level
I believe that the GBP USD shared currency pair has lost most of the momentum around the 1.3065/70 and it is now trading in the proximity of the 1.3050 level and it has received a lot of negative influence from the release of the inflation data in the United Kingdom which landed under even the most pessimistic predictions.
There are some positive vibes coming in from the UK consumer prices measured by the CPI which went upwards by +1.9% on a year to year basis and by +0.2% on a monthly basis, still missing predictions of +2.3%.
In the meantime I have noticed that the data calendar is rather empty across the ocean as well as in the European Union and without the appropriate support the consolidation path will most likely fail and the shared currency pair will be looking for support around the 1.3040 and it is still far away from the resistance level of 1.3100.
Why I think GBP/USD exchange rate is one of the best currencies to trade right now
Towards the end of the trading session I believe that some influence will definitely be coming in from the speech where the Bank of England Governor Mark Carney will be addressing some issues regarding the inflation levels.
As for political influences the upcoming parliamentary elections in the European Union are offering a lot of influence and all investors will keep a close eye on the populist option among voters.
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
Highest level = 1.3070
Lowest level = 1.3010
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 GBP USD shared currency pair is going downwards by a negative value of -0.2% and it is trading in the close vicinity of the 1.3041 level and I believe that by jumping over the 1.2976 level this will definitely clear the trading path towards the 1.2970 point followed close up by 1.2960.
On the other side of the medal there are several points starting with 1.3101 continuing with 1.3132 and lastly ending with 1.3196.
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