First, we look into the previous day trade and what happened on August 7, 2018, and the GBP/USD pair opened at 1.29421 and went high at 1.29728 and gone to low at 1.29230 and finally closed at 1.29375. The calculated pivot point for the day is 1.29444.
The difference between high and low was nearly 0.498 points and there was a good chance for traders to take the opportunity and finally benefit. Now there is a new opportunity where the market is trying to form lower to higher & consolidation levels for a few days.
Hourly (4 hrs) chart followers and traders should go for buy at 1.29579, 1.29753 and sell at 1.29239, 1.29122 levels, in order to get good profit. For a few days, the pair was ranging from 1.2964 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.
TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING
Level
First Level
Second Level
Third Level
Selling Level
1.2850
1.2800
1.2750
Buying Level
1.2921
1.2970
1.2998
EVENTS TO BE OBSERVED BY TRADERS AT THESE TIMINGS AND TAKE ADVANTAGE
GBPUSD FUNDAMENTALS TODAY
GMT
Event
Actual
Previous
n/a
GBP 10-y Bond Auction
1.46%
1.43%
11:00
USD MBA Mortgage Applications
-3.0%
-2.6%
12:45
USD FOMC member Barkin speech
14:30
USD EIA Crude Oil Stocks change
3.803M
17:00
USD 10-Year Note Auction
2.859%
23:01
GBP RICS Housing Price Balance
2%
