First, we look into the previous day trade and what happened on August 9, 2018, and the GBP/USD pair opened at 1.28817 and went high at 1.29111 and gone to low at 1.28171 and finally closed at 1.28229. The calculated pivot point for the day is 1.28504.
The difference between high and low was nearly 0.940 points and there was a very good chance for traders to take the opportunity and finally benefit. Now there is a new opportunity where the market is trying to go to low & some recovery levels for a few days.
For a few days, the pair was ranging from 1.2740 to 1.3350 levels and started moving to lower levels from low levels due to various reasons. Traders should be cautious since it reached the oversold region. Hourly (4 hrs) chart followers and traders should go for buy at 1.2800, 1.2893, 1.29408 and sell at 1.2710, 1.2660 levels, in order to get a good profit.
TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING
Level
First Level
Second Level
Third Level
Selling Level
1.2740
1.2710
1.2680
Buying Level
1.2822
1.2846
1.2872
EVENTS TO BE OBSERVED BY TRADERS AT THESE TIMINGS AND TAKE ADVANTAGE
GBPUSD FUNDAMENTALS TODAY
GMT
Event
Actual
Previous
08:30
GBP Industrial Production (MoM)
0.4%
-0.2%
08:30
GBP Manufacturing Production (MoM)
0.4%
0.6%
08:30
GBP Industrial Production (YoY)
1.1%
1.2%
08:30
GBP Gross Domestic Product (QoQ)
0.4%
0.2%
08:30
GBP Gross Domestic Product (YoY)
1.3%
1.2%
n/a
GBP NIESR GDP Estimate (3M)
0.4%
12:30
USD Consumer Price Index Ex Food & Energy (MoM)
0.2%
12:30
USD Consumer Price Index Ex Food & Energy (YoY)
2.3%
12:30
USD Consumer Price Index (YoY)
2.9%
12:30
USD Consumer Price Index (MoM)
0.1%
12:30
USD Consumer Price Index n.s.a (MoM)
251.989
12:30
USD Consumer Price Index Core s.a
257.310
