Our free forex signals service trade today is a buy order on GBP/USD. The pair will go up if the USD continues its downside correction.
The GBP/USD pair is trading in the red at 1.306. Still, the retreat could be a temporary one. The pair may return to test the immediate support levels before resuming its uptrend. Technically, the price action signaled that the pair is oversold after failing to take out the 1.3000 psychological level.
Also, after its massive drop, we cannot exclude a potential swing higher in the short term. As you already know, the Dollar Index is in a corrective phase. DXY’s further drop could force the USD to depreciate versus its rivals.
–Are you interested in learning more about forex bonuses? Check our detailed guide-
The USD took a hit from the US Existing Home Sales yesterday. The economic indicator came in at 5.77M, below 5.78M expected. Today, the US is to release the Unemployment Claims, Philly Fed Manufacturing Index, and the CB Leading Index.
Fed Chair Powell speaks
Tonight, the volatility could be huge as Fed Chair Powell’s speech could shake the markets. From the technical point of view, the GBP/USD pair jumped above the upper median line (UML), which represented a dynamic resistance.
However, the price could extend its growth if it stays within the ascending pitchfork’s body above the lower median line (LML).
BoE Gov Bailey speaks
The BoE Governor’s speech is also due on the day. This is another key event that may bring some volatility to the market. Therefore, we anticipate that if the bullish trend persists, the GBP/USD price may jump above 1.3100.
3 Free Forex Every Week – Full Technical Analysis
Free forex signals – Buy GBP/USD at 1.3087
Free forex signals entry price and take-profit
Instrument: GBP/USD
Order Type: BUY STOP
Entry price: 1.3087
Stop Loss: 1.3021
TP1: 1.3185
My Risk: 1%
Risk / Reward Ratio: 1:1.5
Looking to trade forex now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Share
