Our free forex signals service trade today is a buy order on the GBP/USD pair.
The GBP/USD pair dropped a little in the short term, but the upside pressure remains high. The price could still approach and reach new highs as the Dollar Index seems too overbought to be able to stay higher.
DXY’s retreat could force the US Dollar to depreciate versus its rivals. The currency pair slipped lower to test and retest the near-term support levels only because the US retail sales data came in better than expected yesterday.
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UK Inflation Pushes Higher
The British Pound was strongly bullish today after the United Kingdom published its inflation figures. The CPI registered a 4.2% growth in October versus 3.9% expected and compared to 3.1% in the previous reporting period. Moreover, the Core CPI rose by 3.4% exceeding the 3.1% estimates. The UK RPI, PPI Input, PPI Output, and the HPI indicators were reported better than expected as well. Later, Canada is to release its inflation data as well. These economic indicators could have an impact on the Dollar Index.
Technically, the GBP/USD pair dropped a little to retest the ascending pitchfork’s lower median line (lml) which stands as a dynamic support. As long as it stays within the ascending pitchfork’s body, the pair could climb higher towards the descending pitchfork’s upper median line (UML).
Free forex signals – BUY GBP/USD at 1.3486
Free forex signals entry price and takes profit
Instrument: GBP/USD
Order Type: BUY STOP
Entry price: 1.3486
Stop Loss: 1.3390
TP1: 1.3602
My Risk: 1%
Risk / Reward Ratio: 1: 1.2
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