First, we look into the previous day trade and what happened on July 26, 2018, and the GBP/USD pair opened at 1.31875 and went high at 1.32125 and gone to low at 1.31045 and finally closed at 1.31107. The calculated pivot point for the day is 1.31425.
The difference between high and low was nearly 0.1080 points and there was a very good chance for traders to take the opportunity and finally benefit. Now there is a new opportunity, the market is trying to go from lower to consolidation levels for a few days.
Hourly (4 hrs) chart followers and traders should go for buy at 1.31319, 1.31912 and sell at 1.30938, 1.30588 levels, in order to get a 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 the dollar becoming strong for various reasons. Sell at resistance levels and buy at support levels for a few days.
TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING
|
Level |
First Level |
Second Level |
Third Level |
|
Selling Level |
1.3068 |
1.3035 |
1.3004 |
|
Buying Level |
1.3154 |
1.3186 |
1.3210 |
EVENTS TO BE OBSERVED BY TRADERS AT THESE TIMINGS AND TAKE ADVANTAGE
GBPUSD FUNDAMENTALS TODAY
|
GMT |
Event |
Previous |
|
12:20 |
USD Fed's Bullard speech |
|
|
12:30 |
USD Gross Domestic Product Price Index |
2.2% |
|
12:30 |
USD Gross Domestic Product Annualized |
2.0% |
|
12:30 |
USD Personal Consumption Expenditures Prices (QoQ) |
2.5% |
|
12:30 |
USD Core Personal Consumption Expenditures (QoQ) |
2.3% |
|
14:00 |
USD Michigan Consumer Sentiment Index |
97.1 |
See the levels in the Chart and trade accordingly:
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