E Forex Analysis Of GBP/USD For Thursday, July 12

First, we look into the yesterday trade and what happened on July 11, 2018, and it opened at 1.32702 and went high at 1.32846 and gone low 1.31991 and finally closed at 1.32026.  The calculated pivot point for the day is 1.32287

The difference between high and low was nearly 855 points and there was a fair chance for traders to take the opportunity and finally benefited.  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  1.3299, 1.3352, 1.3403 levels and sell at 1.3173, 1.3145 and 1.3080 levels, to get good profit. For many days, the pair was ranging from 1.3050 to 1.3350 levels and started moving lower levels due to dollar become strong and pressure of ECB minutes event. Traders should go for buy at support levels and sell at resistance levels.

TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING

Level

First Level

Second Level

Third Level

Selling Level

1.3173

1.3145

1.3117

Buying Level

1.3242

1.3270

1.3298

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

GMT

Event

Actual

Previous

24h

 EUR Eurogroup meeting

   

08:30

 GBP BOE Credit Conditions Survey

   

09:00

 EUR Industrial Production s.a. (MoM)

1.3%

-0.8% 

09:00

 EUR Industrial Production w.d.a. (YoY)

2.4%

1.7%

11:30

 EUR ECB Monetary Policy Meeting Accounts

   

12:30

 USD FOMC Member Kashkari Speech

   

12:30

 USD Initial Jobless Claims

 

231K

12:30

 USD Continuing Jobless Claims

 

1.739M

12:30

 USD Consumer Price Index (MoM)

 

0.2%

12:30

 USD Consumer Price Index n.s.a (MoM)

 

251.588

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