E Forex Analysis Of GBP/USD For Tuesday, August 7

First, we look into the previous day trade and what happened on August 6, 2018, and the GBP/USD pair opened at 1.30047 and went high at 1.30060 and gone to low at 1.29193 and finally closed at 1.29423. The calculated pivot point for the day is 1.29766.

The difference between high and low was nearly 0.861 points and there was a good chance for traders to take the opportunity and finally benefit.  Now there is a new opportunity where the market is trying to form a lower to higher & consolidation levels for a few days.

Hourly (4 hrs) chart followers and traders should go for buy at 1.29739, 1.30067 and sell at 1.29408, 1.29200 levels, in order to get a 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 the dollar becoming strong for 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

1.2900

1.2850

1.2800

Buying Level

1.2974

1.3004

1.3033

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

GBPUSD FUNDAMENTALS TODAY

GMT

Event

Actual

Previous

15:30

 USD 6-Month Bill Auction

2.18%

2.16%

15:30

 USD 3-Month Bill Auction

2.01%

2.00%

23:01

 GBP BRC Like-For-Like Retail Sales (YoY)

0.5%

1.1%

07:30

 GBP Halifax House Prices (3m/YoY)

3.3%

1.8%

07:30

 GBP Halifax House Prices (MoM)

1.4%

0.9% 

12:55

 USD Redbook index (MoM)

 

0.5%

12:55

 USD Redbook index (YoY)

 

4.2%

14:00

 USD JOLTS Job Openings

 

6.638M

n/a

 USD IBD/TIPP Economic Optimism (MoM)

 

56.4

15:30

 USD 3-Year Note Auction

 

2.685%

15:30

 USD 4-Week Bill Auction

 

1.91%

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