Our free forex signals service trade today is a buy order on the GBP/USD pair.
The GBP/USD pair plunges at the time of writing as the Dollar Index has managed to rebound and recover after its last sell-off. It remains to see what will happen as the currency pair is almost to reach strong near-term support levels.
The bias is still bullish despite the current sell-off. The price action printed a potential bearish reversal pattern, but the formation is far from being confirmed, that’s why I’m still looking for longs.
As you already know, the GBP/USD pair rallied on Friday as the US Non-Farm Employment Change was reported at 199K in December versus 426K expected.
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US Final Wholesale Inventories
Today, the US is to release its Final Wholesale Inventories which is expected to register a 1.2% growth. Tomorrow, the Fed Chair Powell Testifies could bring some volatility. Still, the most important event of the week is represented by the US inflation data release on Wednesday. Anything could happen around the CPI and Core CPI publication.
Technically, as long as it stays above the immediate uptrend line and above the weekly pivot point 1.3538, the GBP/USD could still resume its upwards movement. Though, an upside continuation will be confirmed by a valid breakout above the 1.3598 level.
Free forex signals – BUY GBP/USD at 1.3608
Free forex signals entry price and takes profit
Instrument: GBP/USD
Order Type: BUY STOP
Entry price: 1.3608
Stop Loss: 1.3532
TP1: 1.3709
My Risk: 1%
Risk / Reward Ratio: 1:1.34
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