E Forex Analysis Of GBP/USD For Tuesday, July 10

First, we look into the yesterday trade and what happened on July 9, 2018, and it opened at 1.3320 and went high at 1.3362 and gone low 1.3188 and finally closed at 1.3255.  The calculated pivot point for the day is 1.3268.

The difference between high and low was nearly 74 points and there was a good 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  1.3325 & 1.3405 level and sell at 1.3306 level, to get good profit. For many days, the pair was ranging from 1.3050 to 1.3315 levels and started moving lower levels due to trade war against China. Traders should go for buy at support levels and sell at resistance levels.  Traders can watch for selling at 1.3185 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

Actual

Previous

08:30

 GBP Industrial Production (MoM)

-0.4%

-1.0% 

08:30

 GBP Manufacturing Production (MoM)

0.4%

-1.3% 

08:30

 GBP Industrial Production (YoY)

0.8%

1.6% 

08:30

 GBP Manufacturing Production (YoY)

1.1%

0.9% 

09:00

 EUR ZEW Survey - Economic Sentiment

-18.7

-12.6

10:00

 USD NFIB Business Optimism Index

107.2

107.8

n/a

 GBP NIESR GDP Estimate (3M)

 

0.2%

12:55

 USD Redbook index (MoM)

 

-0.4%

12:55

 USD Redbook index (YoY)

 

4.4%

14:00

 USD JOLTS Job Openings

 

6.698M

15:30

 USD 4-Week Bill Auction

 

1.86%

17:00

 USD 3-Year Note Auction

 

2.664%

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