2018-08-13
Overview:The GBP/USD pair hit the weekly support 1 last week. So, it dropped down in order to bottom at the point of 1.2780. Today, the pair is trading below its pivot point (1.2780). It is likely to trade in a higher range as long as it remains below the level of 1.2780. Hence, the minor resistance was already set at the level of 1.2780. Moreover, the weekly resistance is also coinciding around the major support around the area of 1.2837. Additionally, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. Therefore, it will be advantageous to sell below the current level of 1.2780 with the first target at 1.2700. From this point, if the pair closes below the dily support of 1.2700 on the H1 chart, the GBP/USD pair may resume its movement to 1.2670 in order to retest the weekly support 2. However, stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss below the last bullish wave at 1.2837.
GBP/USD analysis for August 13, 2018
2018-08-13
Recently, the GBP/USD pair has been trading sideways at the price of 1.2750. According to the M30 time – frame, I found that price is trading inside of the trading range between the price of 1.2790 (resistance) and the price of 1.2722 (support). I also found that price is trading below the pivot level and that GBP/USD is following a downward trajectory, which is a sign that you should watch for selling opportunities if you see a valid breakout of support. The downward targets are set at the price of 1.2666 and at the price of 1.2605.
Resistance levels:
R1: 1.2830
R2: 1.2890
R3: 1.2945
Support levels:
S1: 1.2715
S2: 1.2662
S3: 1.2605
Trading recommendations for today: watch for potential selling opportunities.
Analysis of Gold for August 13, 2018
2018-08-13
Recently, Gold has been trading downwards. The price tested the level of $1,198.90. According to the H1 time – frame, I found a breakout of the 3-day consolidation in the background, which is a sign that sellers are in control. The short-mid term trend is bearish and my advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,193.87(S3) and at the price of $1,180.80.
Resistance levels:
R1: $1,216.60
R2: $1,222.25
R3: $1,227.90
Support levels:
S1: $1,205.27
S2: $1,199.65
S3: $1,193.95
Trading recommendations for today: watch for potential selling opportunities.
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