First, we look into the previous day trade and what happened on August 1, 2018, when it opened at 1.31229 and went high at 1.31435 and then went to low at 1.30984 and finally closed at 1.31224. The calculated pivot point for the day is 1.31221.
The difference between high and low was nearly 0.0451 points and there was a good chance for traders to take the opportunity and finally benefited. Now the opportunity is, market is trying to from lower to higher & consolidation levels for few days.
Buyers may try at support levels since it reached oversold region. Hourly (4 hrs) chart followers and traders should go for buy at 1.31516, 1.32298 and sell at 1.30808, 1.30313 levels.to get good profit. For many days, the pair was ranging from 1.2964 to 1.3350 levels and started moving to lower levels from low levels due to dollar become strong for various reasons.
TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING
|
Level |
First Level |
Second Level |
Third Level |
|
Selling Level |
1.3070 |
1.3010 |
1.2960 |
|
Buying Level |
1.3211 |
1.3250 |
1.3290 |
EVENTS TO BE OBSERVED BY TRADERS AT THESE TIMINGS AND TAKE ADVANTAGE
GBPUSD FUNDAMENTALS TODAY
|
GMT |
Event |
Actual |
Previous |
|---|---|---|---|
|
08:30 |
GBP PMI Construction |
55.8 |
53.1 |
|
09:00 |
EUR Producer Price Index (YoY) |
3.6% |
3.0% |
|
09:00 |
EUR Producer Price Index (MoM) |
0.4% |
0.8% |
|
11:00 |
GBP BoE Interest Rate Decision |
0.50% |
|
|
11:00 |
GBP BoE Asset Purchase Facility |
£435B |
|
|
11:00 |
GBP Monetary Policy Summary |
||
|
11:00 |
GBP Bank of England Quarterly Inflation Report |
||
|
11:00 |
GBP BOE MPC Vote Unchanged |
6 |
|
|
11:00 |
GBP BOE MPC Vote Cut |
0 |
See the levels in the Chart and trade accordingly
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