Gbpusd october 9th 2018 analysis
In the early days of yesterday’s trading, we saw a sharp fall in GBPUSD, so that the pound fell below $ 1.31. As seen from the GBPUSD’s 4-hour chart, the pair finally managed to cope with the opening rate of October 1, 3031 and compensate for a large part of the initial downturn, even finishing the day below $ 1.31.
It is quite likely that the GBPUSD yesterday’s bullish return was for the weekly support of 1.3047 and the weakening of the US dollar in the Forex market. Gaining purchasing pressure on the weekly chart can bring GBPUSD to the supply region at 1.3472-1.3295. However, on the GBPUSD daily chart, the market is right below the supply range of 1.3217-1.3138. This area is the last resistance range, before reaching GBPUSD to the weekly supply range at 1.3472-1. 3295. For this reason, you must pay attention to the daily supply area.
Price action strategy
In total, there are two limits for entering GBPUSD sales.
The lower-than-red 4-degree range, which includes the August rebound rate of 3117 and the Rand rate of 1.31, is appropriate to enter the GBPUSD sales deal. Though this range falls well below the daily supply, it can trigger a downtrend, and maybe GBPUSD will rebound to an October rebound of 1,3031. However, it is recommended that you wait for a 4-dollar downtrend before you enter the GBPUSD sales deal.
The 1’3218-1.393 red range may also be suitable for entering GBPUSD sales. Although this range falls below the weekly supply period of 1.3472-1.3295, but includes a 78.6% Fibonacci resistance at 1.3218, a four-hour key resistance of 1.3215, a Rand rate of 1.32, and a four-hour key resistance At 3193. Also at the top end of the supply area is 1 3217-1. 3138. The formation of a full 4-Kundel Cold Absence of this range could be considered a GBPUSD sales signal. The first trading profit margin for GBPUSD will be the August rebound of 1.3117.