Our free forex signals service trade for today is a buy order on the GBP/USD pair.
The GBP/USD pair is trading in the red but the current decline could be only a temporary one. In the short term, the price could only test and retest the immediate support levels before jumping higher.
Yesterday, the UK Consumer Price Index and the Core CPI, the inflation figures came in worse than expected. Earlier today, the United Kingdom Public Sector Net Borrowing was reported at 21.0B below 23.5B expected.
3 Free Forex Every Week – Full Technical Analysis
US Unemployment Claims Expected At 298K
Later today, the United States Unemployment Claims could be decisive. The indicator is expected at 298K in the previous week versus 293K in the previous reporting period. Also, the CB Leading Index and the Existing Home Sales figures could bring more action.
The GBP/USD pair found strong resistance above the weekly R1 (1.3822) and now it has decreased to retest the downtrend line. Stabilizing above the downtrend line may signal an upside continuation. As you can see on the H4 chart, the price registered a false breakdown with great separation below 1.3773 and under 1.3750 signalling that it could climb towards fresh new highs.
Making a new higher high, registering a valid breakout above the weekly R1 may signal further growth. After validating its breakout through the median line (ml), the upper median line (uml) is seen as a potential upside target.
Free forex signals – BUY GBP/USD at 1.3842
Free forex signals entry price and take profit
Instrument: GBP/USD
Order Type: BUY STOP
Entry price: 1.3842
Stop Loss: 1.3738
TP1: 1.3989
My Risk: 1%
Risk / Reward Ratio: 1:1.41
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