Forex Analysis Of GBP/USD For Wednesday, July 4

The difference between high and low was nearly 90 points and was a good chance for buyers to take the opportunity and finally benefitted.

First, we look into the yesterday trade and what happened on July 3, 2018, and it opens at 1.3141 and went high at 1.3205 and gone low 1.3114 and finally close at 1.3189. The calculated pivot point for the day is 1.3169

The difference between high and low was nearly 90 points and was a good chance for buyers to take the opportunity and finally benefitted. Now the opportunity is consolidation and sideways trade to go upper levels for few days. Hourly traders are waiting for opportunity to buy at 1.3200 level to get good profit at 1.3240 and 1.3340 and waiting for recovery of market.

 

Levels

First Level

Second Level

Third Level

Selling Levels

1.3110

1.3083

1.3055

Buying Levels

1.3242

1.3270

1.3298

EVENTS INFLUENCED THIS PAIR AND TRADERS SHOULD WATCH AT THESE TIMES

GMT

Event

Actual

Previous

 

WEDNESDAY JULY 3, 2018

   

24h

 USD Independence Day

   

08:00

 EUR Markit PMI Composite

54.9

54.8

08:00

 EUR Markit Services PMI

55.2

55.0

08:30

 GBP Markit Services PMI

55.1

54.0

11:00

 USD MBA Mortgage Applications

-0.5%

-4.9%

 

THRUSDAY JULY 5, 2018

   

10:00

 GBP BOE's Governor Carney speech

   

11:30

 USD Challenger Job Cuts (YoY)

 

31.517K

12:15

 USD ADP Employment Change

 

178K

12:15

 EUR ECB's Mersch speech

   

12:30

 USD Continuing Jobless Claims

 

1.705M

12:30

 USD Initial Jobless Claims

 

227K

STOCKS IN THIS ARTICLE

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