Forex Analysis Of GBP/USD For Wednesday, July 11
First, we look into the yesterday trade and what happened on July 10, 2018, and it opened at 1.32702 and went high at 1.32801 and gone to low at 1.32481 and finally closed at 1.32583. The calculated pivot point for the day is 1.32622.
The difference between high and low was nearly 320 points and there was a little chance for traders to take the opportunity. Now the opportunity is, the market is trying to go lower and consolidation levels for a few days. Hourly traders are waiting for an opportunity to buy at 1.3370 level and sell at 1.3190 level, to get good profit. For many days, the pair was ranging from 1.3050 to 1.3350 levels and started moving to lower levels. There was a little impact on this pair US trade war and tariffs against China. Traders mood is, buy and they may go for buy at support levels. The pair may go only narrow range levels. Traders can watch these selling and buying levels.
TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING
|
Level |
First Level |
Second Level |
Third Level |
|
Selling Level |
1.3185 |
1.3156 |
1.3125 |
|
Buying Level |
1.3312 |
1.3340 |
1.3368 |
EVENTS TO BE OBSERVED BY TRADERS AT THESE TIMINGS AND TAKE ADVANTAGE
|
GMT |
Event |
Previous |
|---|---|---|
|
07:00 |
EUR Non-monetary policy's ECB meeting |
|
|
07:00 |
EUR ECB President Draghi's Speech |
|
|
07:30 |
EUR ECB's Praet Speech |
|
|
11:00 |
USD MBA Mortgage Applications |
-0.5% |
|
n/a |
GBP NIESR GDP Estimate (3M) |
0.2% |
|
12:00 |
EUR ECB's Mersch speech |
|
|
12:30 |
USD Producer Price Index ex Food & Energy (MoM) |
0.3% |
|
12:30 |
USD Producer Price Index ex Food & Energy (YoY) |
2.4% |
|
12:30 |
USD Producer Price Index (YoY) |
3.1% |
Traders may please see the levels in the charts before entering the trade.
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