Gbpusd october 18th 2018 analysis
GBPUSD yesterday weakened by about 0.5% yesterday. The recent GBPUSD trades hit $ 1.31 a quarterly chart. The move could support GBPUSD at $ 1,3050 on today’s trades. On the GBPUSD weekly chart, the market has come close to weekly support of 1.3047 after the downtrend, falling from 1.3472-1.3204. On the GBPUSD daily chart, market interest rates are set at 1.3315 and the support line is 1.6160.
Price action strategy
The green range is at 1,3050-1. 3031 is the best place to enter the GBPUSD purchase deal. This range includes the October reopening rate of 1,3031, an estimated 127.2% Fibonacci retracement at 1,3036, a 61.8% Fibonacci retracement at 1,3050 and a weekly support of 1,3047. The range is likely to support the GBPUSD currency pair and reach over $ 1.31 a bit.
Vendor traders can enter into a GBPUSD purchase from 1.3050 and put the loss below 1.3031. However, conservative traders would be better off waiting for the emergence of a Buy-Purchase Sign-up, and later enter into a GBPUSD purchase deal.