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Our free forex signals service today looks at the GBP/USD and we have the entry, stop and take profits levels for you.

In response to the UK inflation report, the GBP/USD pair held in neutral territory, just below the 1.3700 midpoint.

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At the start of trading on Wednesday, the pair traded between moderate gains and small losses, consolidating the previous day’s sharp decline to its lowest level since July 23rd. Despite signs of stability in the equity markets, investors have not entered new bullish rates in the safe haven area of the US dollar, which in turn has supported the GBP/USD pair. A combination of factors limited the British pound’s upside potential, dampening any significant gains.

Consumer inflation in the UK rose 2% year-over-year in July, according to data released by the Office for National Statistics (ONS). June marked a noticeable 2.5% slowdown. Moreover, it was 2.2%, below market expectations. In turn, this has undermined the pound sterling to the extent that job losses may increase after the holiday season in the UK concludes in September. As long as the FOMC minutes are the focus, the downside to this issue remains relaxed.

The recent surge in COVID-19 cases has made US consumers more cautious, as evidenced by weaker retail sales data released on Tuesday. Consequently, investors may lower their expectations for an early Fed policy tightening. Due to this fact, investors will be scanning the Fed’s logs for any clues as to how soon it will tighten.

GBP/USD free forex signals

GBP/USD free forex signals
GBP/USD free forex signals

TRADING OPINION

Instrument: EUR/USD
Order Type: SELL STOP
Entry price: 1.3713
Stop Loss: 1.3808
TP1: 1.3589

Our Risk Setting: 1%
Risk / Reward Ratio: 1:1.3

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