E Forex Analysis Of GBP/USD For Friday, July 13

First, we look into the yesterday trade and what happened on July 10, 2018, and it opened at 1.32028 and went high at 1.32440 and gone low 1.31779 and finally closed at 1.32032.  The calculated pivot point for the day is 1.32083.

The difference between high and low was nearly 661 points and there was a fair chance for traders to take the opportunity and finally benefited.  Now the opportunity is, market is trying to go lower and consolidation levels for few days. Hourly traders are waiting for an opportunity to buy at  1.3242 level and sell at 1.3148 level, to get good profit. For many days, the pair was ranging from 1.3050 to 1.3350 levels and started moving at lower levels due to trade war against China. Traders should go for buy at support levels and sell at resistance levels if it goes only narrow range levels. Traders can watch these selling and buying levels for day trading.

TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING

Level

First Level

Second Level

Third Level

Selling Level

1.31080

1.30800 1.30520

Buying Level

1.32120

1.32400

1.32680

EVENTS TO BE OBSERVED BY TRADERS AT THESE TIMINGS AND TAKE ADVANTAGE 

GMT

Event

Previous

00:00

 USD FOMC Member Kashkari Speech

 

24h

 EUR EcoFin Meeting

 

11:00

 GBP MPC Member Cunliffe Speech

 

12:30

 USD Import Price Index (YoY)

4.3%

12:30

 USD Export Price Index (MoM)

0.6%

12:30

 USD Import Price Index (MoM)

0.6%

12:30

 USD Export Price Index (YoY)

4.9%

14:00

 USD Michigan Consumer Sentiment Index

98.2

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