Thursday 2 February Daily Forex trading tips: GBP bullish?


 AotZForex Thursday 2 February Daily Forex trading tips, ahead of key economic data from the UK. After UK Parliament ratifies the Government’s position to proceed with UK’s exodus from Europe. GBP bullish?

AtoZForex-Brief outlook at today’s Daily Forex trading tips.  On the economic calendar today there are six (6) remaining high impact data news events. There is one (1) high impact news non-data based events remaining. Will traders be bullish on USD?

@9:30am GMTUK Construction PMI, expected to meet market expectations

@12:00pm GMTUK Inflation report, expected to show an increase

                                 UK Official Bank rate, expected to remain unchanged

                                  – UK Monetary policy summary,  expect unchanged policy

@12:15pm GMTECB President Draghi speaks

@12:30pm GMT – BoE Governor Carney speaks

@1:30pm GMT – USA Unemployment claims

Thursday 2 February Daily Forex trading tips

AtoZforex Hint: Do not trade on a single news event, look at the total picture when news releases are at similar times. 

 # 1 EURUSD – Thursday 2 February Daily Forex trading tips

Fundamentals –  Focus remains on ECB, Brexit and elections in Europe.

Economic side  ECB President Draghi speaks today. Remains US dollar driven, any news from the USA will impact the EUR.

Technicals Intraday (H1 chart) – Currently, price is trading above the hourly 20sma and 100sma,  with 20sma and 100sma both sloping up. The 20sma is above the 100sma at the time of writing. MACD histogram and signal line are in positive territory and RSI is in the buy zone. Yesterday price reversed from 1.0810 level just below the 10.0% Fibonacci retracement zone, to a low of 1.0729 level before rebounding to test the 10% Fibonacci retracement zone at 1.08144. As we write a clear break above this level will see a move to 1.0875 resistance level.

Thursday 2 February Daily Forex trading tips: GBP bullish? Daily Forex Trading Tips for EURUSD H1 (click to zoom in)

Yesterday, price did extend further to the upside, and clearly broke above the 1.0772 level for a bullish move to the 1.0810-15 target.   There is a strong resistance zone between 1.0860 to 1.0875. On the down side, only a clear break below the 1.0650 level would support a downward move to 1.0560 a strong support level.

 Yesterday’s Fx  order- SELL LIMIT @ 1.07984; SL @ 1.08385; TP@ 1.07385; target reached. 

Fx  pending order- BUY LIMIT @ 1.0752; SL @ 40pips; TP@ 60pips 

(Long term Fx pending order – SELL LIMIT @ 1.0855; SL @ 1.09211; TP@ 1.0768)

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

AtoZ Forex Daily Free Forex Signals

#2 GBPUSD – Thursday 2 February Daily Forex trading tips

Fundamentals –  Brexit negotiations still main driver for the GBP and will remain so for the next two years. UK Parliament ratifies go ahead of Brexit plan to UK Government.

Economic side- See above listed events. 

Technicals Intraday (H1 chart) – Currently, we have price kust above the 23.6% Fibonacci zone at 1.2690 level. The hourly 20sma and 100sma are both sloping up, with the 20sma above the 100sma.  MACD histogram and signal line are in bullish territory. RSI is in the bullish zone.  The 1.2565-60 has now become a key resistance level, above the 38.2% Fibonacci retracement zone.  Our outlook remains unchanged. A clear break below the 1.2465-00 level will see a move towards the 1.2410-00 level near the 50% Fibonaaci zone at 1.2401. If price break below 1.2385-00 level, we can expect further bearish extension towards the 1.2275-70 level near the 61.8% Fibonacci retracement zone.

Current view

We expect some resistance at 1.2745-50 level. If price breaks above this level we can expect further momentum to the upside to the 10% Fibonacci retracement zone at 1.28175. The overall bias remains bullish currently.

Thursday 2 February Daily Forex trading tips: GBP bullish? Daily Forex Trading Tips for GBPUSD H1 (click to zoom in) 

Yesterday’s  Fx pending order : BUY LIMIT @ 1.2518; SL @ 40pips; TP1 @ 60pips; cancelled, price reversed before hitting our order.

CT trade;  Fx pending order : SELL LIMIT @ 1.2817; SL @ 40pips; TP1 @ 60pips; 

 Fx pending order : BUY LIMIT @ 1.2568; SL @ 40pips; TP1 @ 60pips; 

Long term view Fx pending order : BUY LIMIT @ 1.2530; SL @ 40pips; TP1 @ 60pips; 

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

Think we missed something? Let us know in the comments section below.

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