Forex Analysis Of GBP/USD For Tuesday, July 24
First, we look into the previous day trade and what happened on July 23, 2018, and the GBP/USD opened at 1.31214 and went high at 1.31576 and gone to low at 1.30816 and finally closed at 1.30992. The calculated pivot point for the day is 1.31128.
The difference between high and low was nearly 0.584 points and there was a very good chance for traders to take the opportunity and finally benefit. Now another opportunity is here and the market is trying to form a lower consolidation level for a few days.
Hourly (4 hrs) chart followers and traders should go for a buy at 1.31276, 1.31954 and a sell at 1.30807, 1.29809 levels. in order to get a good profit. For many days, the pair was ranging from 1.2964 to 1.3350 levels and started moving from lower levels due to the dollar becoming weak for various reasons.
TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING
|
Level |
First Level |
Second Level |
Third Level |
|
Selling Level |
1.3050 |
1.3010 |
1.2970 |
|
Buying Level |
1.3160 |
1.3190 |
1.3220 |
EVENTS TO BE OBSERVED BY TRADERS AT THESE TIMINGS AND TAKE ADVANTAGE
GBPUSD FUNDAMENTALS TODAY
|
GMT
|
Event |
Actual |
Previous |
|---|---|---|---|
|
08:00 |
EUR Markit PMI Composite |
54.3 |
54.9 |
|
08:00 |
EUR Markit Manufacturing PMI |
55.1 |
54.9 |
|
08:00 |
EUR Markit Services PMI |
54.4 |
55.2 |
|
10:00 |
GBP CBI Industrial Trends Survey - Orders (MoM) |
11 |
13 |
|
12:55 |
USD Redbook index (YoY) |
3.3% |
|
|
12:55 |
USD Redbook index (MoM) |
0.1% |
|
|
13:00 |
USD Housing Price Index (MoM) |
0.1% |
|
|
13:45 |
USD Markit Manufacturing PMI |
55.4 |
|
|
13:45 |
USD Markit Services PMI |
56.5 |
|
|
13:45 |
USD Markit PMI Composite |
56.2 |
See the levels in the Chart and trade accordingly:
(Click on image to enlarge)
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