GBP/USD Forex Signal: Breaking the 1.3400 Resistance

Mohammed Shalaby

1.3480 is a very important point that we should be monitoring today.

After reviewing yesterday’s GBP/USD forex signal, we find that the pair didn’t activate any of the short or long orders.

Short Trade Ideas

The best short ideas today are from the levels 1.3500, 1.3530 and 1.3574.

  • Stop losses in the short strategy should be placed specifically at the 1.3584 level.

  • Collect profits on an average of 30 to 50 pips from each level.

  • Stop loss is moved to the entry point when making 20 pips in profit.

Long Trade Ideas

The best long trade today is from the levels 1.3260 and 1.3184.

  • Stop losses in the long strategy should be placed at the 1.3174 level.

  • Collect profits on an average of 30 to 50 pips from each level.

  • Stop loss is moved to the entry point when making 20 pips in profit.

Money Management Strategy

Use 1% to 2% of your portfolio value in each trade and distribute this percentage on the stop loss points.

GBP/USD Technical Analysis

The GBP/USD fell from the 1.344 resistance point again, and is still in a state of accidental fluctuation that the pair has been trading in for several weeks.

Today, the pair faces a new resistance point at the 1.3480 level, so it remains to be seen if the pair succeeds in breaking that area again and rising in the northern targets that it appeared to be heading towards several weeks ago.

1.3480 is a very important point that we should be monitoring today.

The best intraday long target is 1.3260, 1.3184

Also, the best intraday selling levels are 1.3500, 1.3530 and 1.3574.

gbp/usd

GBP/USD Fundamental analysis

There are several important economic data due today for the GBP and USD:

  • At 12:30 pm KSA time, a report on the British composite PMI and the Service PMI will be issued.

  • At 4:30 pm KSA time, a report on US unemployment claims rates will be released.

Mohammed Shalaby
Mohammed Shalaby is an experienced Forex trader and has been involved in the Forex, stocks and options markets since 2008.

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