Our free forex signals service trade today is a buy order on the GBP/USD. The pair is looking for a downside as it fails to break the 1.3200 zone.
The GBP/USD pair is trading in the red at 1.3138 at the time of writing. The DXY’s rebound helped the USD to appreciate a little. However, it moves sideways in the short term. That’s why we have to wait for a fresh trading opportunity.
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As you already know, the British Pound was punished by the cautious BoE. As expected, the Official Bank Rate was raised from 0.50% to 0.75%. Still, unfortunately for the GBP, one MPC member voted to keep the interest rate at 0.50%. On the other hand, the US reported positive figures yesterday, so the greenback could try to take full control.
US Existing Home Sales 6.10M expected
Today, the US is to release the Existing Home Sales indicator, which is expected at 6.10M below 6.50M in the previous reporting period. Furthermore, the CB Leading Index may register a 0.3% growth in February.
From the technical point of view, the 1.3160 – 1.3194 area represents a resistance zone. Staying below it and making only false breakouts above may signal a new sell-off. On the other hand, only a new higher high, a valid breakout above 1.3210, could invalidate a potential bearish movement.
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Free forex signals – Sell GBP/USD at 1.3079
Free forex signals entry price and take-profit
Instrument: GBP/USD
Order Type: SELL STOP
Entry price: 1.3079
Stop Loss: 1.3214
TP1: 1.2889
My Risk: 1%
Risk / Reward Ratio: 1:1.4
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