First, we look into the previous day trade and what happened on August 13, 2018, and the GBP/USD pair opened at 1.27452 and went high at 1.27892 and gone to low at 1.27333 and finally closed at 1.27599. The calculated pivot point for the day is 1.27608.
The difference between high and low was nearly 559 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 go from lower to low & 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 1.2785, 1.2851, and sell at 1.2728, 1.2636 levels in order to get a good profit. Today, the pair would be on sideways and will try to go to the upper levels.
TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING
Level
First Level
Second Level
Third Level
Selling Level
1.2720
1.2670
1.2620
Buying Level
1.2910
1.2960
1.3010
EVENTS TO BE OBSERVED BY TRADERS AT THESE TIMINGS AND TAKE ADVANTAGE
GBPUSD FUNDAMENTALS TODAY
GMT
Event
Actual
Previous
09:00
EUR ZEW Survey – Economic Sentiment
-11.1
-18.7
09:00
EUR Industrial Production s.a. (MoM)
-0.7%
1.4%
09:00
EUR Industrial Production w.d.a. (YoY)
2.5%
2.6%
09:00
EUR Gross Domestic Product s.a. (YoY)
2.2%
2.1%
09:00
EUR Gross Domestic Product s.a. (QoQ)
0.4%
0.3%
10:00
USD NFIB Business Optimism Index
107.9
107.2
12:30
USD Export Price Index (YoY)
5.3%
12:30
USD Import Price Index (MoM)
-0.4%
12:30
USD Export Price Index (MoM)
0.3%
12:30
USD Import Price Index (YoY)
4.3%
12:55
USD Redbook index (MoM)
0.9%
12:55
USD Redbook index (YoY)
5.6%
