E Forex Analysis Of GBP/USD For Wednesday, August 15

Every day is not an independent day in forex trading and it is an extension of previous day trading. First, we look into the previous day trade and what happened on August 14, 2018, and the GBP/USD pair opened at 1.27594 and went high at 1.28170 and gone to low at 1.27039 and finally closed at 1.27184. The calculated pivot point for the day is 1.27464.

The difference between high and low was nearly 1139 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 go from lower to low & recovery levels for a few days.

For a few days, the pair was ranging from 1.2700 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. Hourly (4 hrs) chart followers and traders should go for buy at 1.2746, 1.2835, and sell at 1.2696, 1.2611  levels in order to get a good profit. Today, the pair would be on sideways and will try to go to the upper levels.

TRADERS SHOULD OBSERVE AT THESE LEVELS FOR THEIR TRADING

Level

First Level

Second Level

Third Level

Selling Level

1.2650 1.2585 1.2520

Buying Level

1.2747 1.2819 1.2873

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

GBPUSD FUNDAMENTALS TODAY

 

GMT

Event

Actual

Previous

24h

 EUR EcoFin Meeting

   

12:30

 USD Unit Labor Costs

-0.9%

3.4% 

12:30

 USD Retail Sales (MoM)

0.5%

0.2% 

12:30

 USD Retail Sales control group

0.5%

-0.1% 

12:30

 USD Retail Sales ex Autos (MoM)

0.6%

0.2% 

12:30

 USD NY Empire State Manufacturing Index

25.6

22.6

13:15

 USD Industrial Production (MoM)

 

0.6%

13:15

 USD Capacity Utilization

 

78.0%

14:00

 USD Business Inventories

 

0.4%

14:00

 USD NAHB Housing Market Index

 

68

14:30

 USD EIA Crude Oil Stocks change

 

-1.351M

20:00

 USD Total Net TIC Flows

 

$69.9B

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