Our free forex signals service trade today is a buy order on the GBP/USD pair.
The GBP/USD pair dropped a little after registering an important upside movement. The retreat could be over, so the rate could start increasing again. The British Pound is strong versus the USD even if the Dollar Index has turned to the upside.
The price action has printed a continuation pattern. Escaping from this formation could announce an upwards movement. Technically, a temporary retreat was expected, so the current correction could help us to catch new long opportunities. The UK CBI Realized Sales is expected to grow from 11 points to 14 points.
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CB Consumer Confidence Expected At 108.4 Points
Today, the US CB Consumer Confidence could be decisive. The economic indicator is expected to drop from 109.8 to 108.4 points. A deeper drop could be bad for the USD. In addition, the New Home Sales could grow from 740K to 755K in September. The HPI and the Richmond Manufacturing Index will be released as well.
The GBP/USD pair moved sideways, developing a triangle. A valid upside breakout from this pattern and a new higher high, a valid breakout above 1.3792 could activate an upside movement. The upside scenario could be invalidated if the rate stays below the minor downtrend line and if it makes a new lower low, to drop and close below 1.3736 low.
Free forex signals – BUY GBP/USD at 1.3799
Free forex signals entry price and take profit
Instrument: GBP/USD
Order Type: BUY STOP
Entry price: 1.3799
Stop Loss: 1.3732
TP1: 1.3900
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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