E Forex Analysis Of GBP/USD For Thursday, August 9

First, we look into the previous day trade and what happened on August 8, 2018, and the GBP/USD pair opened at 1.29379 and went high at 1.29592 and gone to low at 1.28531 and finally closed at 1.28817. The calculated pivot point for the day is 1.28959.

The difference between high and low was nearly 0.1061 points and there was a very good chance for traders to take the opportunity and finally benefit.  Now there is a new opportunity where the market is trying to go lower & recover since it is in an oversold region.

Hourly (4 hrs) chart followers and traders should go for buy at 1.28931, 1.29408 and sell at 1.28577, 1.27819 levels in order to get good profit. For a few days, the pair was ranging from 1.2964 to 1.3350 levels and started moving to lower levels from low levels due to various reasons. Traders should be cautious since it reached the oversold region.

TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING

Level

First Level

Second Level

Third Level

Selling Level

1.2850

1.2800

1.2750

Buying Level

1.3000

1.3050

1.3100

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

GBPUSD FUNDAMENTALS TODAY

GMT

Event

Previous

08:00

 EUR Economic Bulletin

 

12:30

 USD Producer Price Index (MoM)

0.3%

12:30

 USD Producer Price Index (YoY)

3.4%

12:30

 USD Producer Price Index ex Food & Energy (YoY)

2.8%

12:30

 USD Producer Price Index ex Food & Energy (MoM)

0.3%

12:30

 USD Continuing Jobless Claims

1.724M

12:30

 USD Initial Jobless Claims

218K

1 2
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.