Our free forex signals service trade today is a sell order on the GBP/USD pair. The pair stands above a key resistance zone.
The GBP/USD pair rallies when writing as the Dollar Index slips lower. The price action signaled that the downside was limited and the bulls may push it higher. Nevertheless, the DXY remains under strong downside pressure. In the short term, the currency pair moves sideways, so we’ll have to wait for a valid breakout from this range before taking action.
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Yesterday, the pound was punished by the poor UK data. The Public Sector Net Borrowing was reported at -3.7B versus -4.3B. At the same time, the CBI Industrial Order Expectations dropped from 24 points to 20 points, even if the analysts expected a potential growth of 25 points.
The GBP/USD pair ignored the US economic figures published yesterday. However, the CB Consumer Confidence, Flash Manufacturing PMI, and the Flash Services PMI came in better than expected.
Monetary Policy Report hearings
Later, the BOE Governor and several MPC members testify before the Parliament’s Treasury Committee. This is seen as a high-impact event, so you have to be careful as the volatility could be high.
Technically, the GBP/USD pair is trapped between the uptrend and downtrend lines. Its failure to reach and retest the uptrend line or stabilize under the weekly pivot point of 1.3570 signaled strong bullish pressure. A valid breakout above the downtrend line and a new higher high could announce an upside continuation.
3 Free Forex Every Week – Full Technical Analysis
Free forex signals – Buy GBP/USD at 1.3648
Free forex signals entry price and takes profit
Instrument: GBP/USD
Order Type: BUY STOP
Entry price: 1.3648
Stop Loss: 1.3534
TP1: 1.3818
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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