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Our free forex signals service trade today is a buy order on the GBP/JPY pair. The pair dropped again and now it’s pressuring the near-term support levels. The downside pressure remains high, that’s why we have to wait for a strong bullish signal before deciding to go long.

The Japanese Yen Futures rebounded, that’s why the Yen appreciated versus its rivals. Still, technically, the currency pair has signalled that the downside could be complete.

Today, the Japanese banks will be closed in observance of Labor Thanksgiving Day. From the technical point of view, the GBP/USD could develop a new leg higher if it stays above the weekly pivot point of 153.48.

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UK Flash Manufacturing PMI At 58.2 points!

The British Pound received a helping hand from the UK Flash Manufacturing PMI which was reported at 58.2 points, above 57.2 expected and compared to 57.8 in the previous reporting period. In addition, the Flash Services PMI was reported at 58.6 points matching expectations. 

The GBP/USD pair has found strong support around the 61.8% retracement level and now it’s fighting hard to stabilize above the broken downtrend line. Stabilizing above the pivot point and above the 50% retracement level could signal potential growth towards the descending pitchfork’s upper median line. Still, in the short term, the pair could come back to test and retest the downtrend line.

Free forex signals – BUY GBP/JPY at 154.29

free forex signals - gbpjpy

Free forex signals entry price and takes profit

Instrument: GBP/JPY

Order Type: BUY STOP

Entry price: 154.29

Stop Loss: 152.33

TP1: 157.03

My Risk: 1%

Risk / Reward Ratio: 1: 1.4

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