Our free forex signals service today looks at the GBP/USD and we have the entry, stop and take profits levels for you.
The COVID-19 spread continues to decrease in the UK. As more than 70% of the population is vaccinated, the daily rate of cases drops from more than 50,000 a day to around 20,000. This points to better growth prospects and a stronger Pound.
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ISM manufacturing purchasing managers’ index fell to 59 points in July, worse than expected and indicating a slower but still steady expansion. Furthermore, inflationary pressures appear to be weakening since the PMI data showed a drop in prices paid component. In the end, this is positive news that investors can appreciate. Dollar prices could be affected by any improvement in the risk sentiment.
What about Brexit? The remaining problems with the British withdrawal remain, but both sides seem to be in some sort of truce and refraining from further action under the Northern Ireland Protocol.
IHS Markit’s final report on the UK services sector confirmed a stronger than expected performance in July.
July’s flash purchasing managers’ index (PMI) was revised from 57.8 to 59.6 by IHS Markit / CIPS UK. This compares with an expected 57.8 the last month.
As of July, the UK economy has been recovering slower than it did in the second quarter of 2021. This is because fewer businesses can grow due to labor and material shortages. At the same time, on the demand side, we have already seen a peak in pent-up – an increase in consumer spending.
GBP/USD free forex signals
Instrument: GBP/USD
Order: BUY STOP
Entry price: 1.3962
Stop Loss: 1.3869
TP1: 1.4101
Recommended Risk: 1%
Risk / Reward Ratio: 1:5
Signal validity period: Good until cancelled
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Saqib Iqbal
