Our free forex signals service today is a buy order on the GBP/USD pair. The pair has rallied in the last hours taking out strong resistance levels.
It’s bullish as the Dollar Index is still under pressure in the short term. The price seems poised to resume its upwards movement, so personally, I’m looking for fresh long opportunities.
The greenback remains weak after yesterday’s US data. The PPI and the Core PPI have come in worse that expected. Only the Unemployment Claims reported better than expected data. The indicator dropped unexpectedly from 329K to 293K below 315K expected.
US Retail Sales Data In Focus
The GBP/USD could extend its rally if the US data is disappointing today. The Retail Sales is expected to register a 0.2% drop in September after 0.7% growth in August, while the Core Retail Sales may register a 0.5% growth in the last month versus a 1.8% growth in the last reporting period.
Moreover, the Prelim UoM Consumer Confidence, Business Inventories, and the Empire State Manufacturing Index indicator will be released as well. Better than expected figures could help the USD to rebound and to recover after its depreciation, On the other hand, some poor figures could force the greenback to resume its depreciation.
As you can see on the H4 chart, the GBP/USD decreased a little to retest the weekly R1 and the 1.3673. Now it has jumped far above the median line (ml) and beyond the weekly R2 (1.3726). Making a new higher high could activate an upside continuation.
Free forex signals – BUY GBP/USD at 1.3763
Free forex signals entry price and take profit
Instrument: GBP/USD
Order Type: BUY STOP
Entry price: 1.3763
Stop Loss: 1.3660
TP1: 1.3917
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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