GBP/USD Forex Signal: Calm Before the Storm

DailyForex.com Team

The GPD/USD pair has been trading sideways for some time but it won't last forever; we must prepare for upcoming violent price fluctuations.

By reviewing the Forex recommendations report regarding the GBP on 23 November, we find that the sell order was activated and the complete target was successfully achieved.

Short ​​trading strategy

  • The best short strategy today is 1.3441, 1.3500, and 1.3530.

  • The stop loss is specified in the sell trading strategy, specifically at 1.3540.

  • Profits are taken at a rate of 30 to 50 points from each level.

  • Stop losses are moved to the entry point at 20 points.

Long trading strategy

  • The best long strategy today is 1.3140, 1.3100.

  • The stop loss is set in the buy strategy at 1.3090.

  • Profits are taken at a rate of 30 to 50 points from each level.

  • Stop losses are moved to the entry point at 20 points.

Financial management strategy

1% to 2% of the portfolio value is used for all trades, and this percentage is distributed over the number of stop losses.

GBP/USD Technical Analysis

For the third day in a row, the recommendations of the GBP/USD achieved their full target. On the other hand, the GPD/USD pair rebounded from the upper bound of the ascending triangle pattern that we referred to in previous technical analyses. Today, sterling is in a sideways direction against the US dollar, but is slowly moving towards its northern targets within the ascending triangle channel.

In light of the relative calm of economic reports and news regarding the GBP/USD pair today, the GBP/USD is trading within a correctional range, heading towards northern targets, as we indicated earlier.

The best intraday long target is 1.3140, 1.3100.

Also, the best-selling levels in the intraday basis are considered at 1.3441, 1.3500, and 1.3530.

GBP/USD

GBP/USD Fundamental Analysis

There is no valuable economic data yet today that affects the currency pair, but at 6 PM Saudi Arabia time the CB Consumer Confidence Index will be released which may affect the USD. This indicator aims to determine consumer confidence with regard to economic conditions, and the indication of a high reading indicates a high rate of consumer optimism.

Summary of Today's GBP/USD Recommendations

Today, the GBP/USD pair does not face important and influential economic data in the currency trading market, so it is expected that Tuesday will be relatively calm for the USD/GBP. However, this calm should not make you reckless and violate your financial management plan, as it may be the calm before the storm.

Note: the GPD/USD pair has been trading sideways for some time but it won't last forever. We must prepare for upcoming violent price fluctuations.

Analysis Tools Used in the Recommendations:

  • Fibonacci levels

  • Classic Analysis

DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.

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