scalping report
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- Nov, 20 EUR/JPY Support Levels Provide Targets For Scalpers
- Nov, 20 EUR/USD Remains Range Bound Becoming A Scalping Target
- Nov, 19 EUR/USD Remains Range Bound Becoming A Scalping Target
- Nov, 18 GBP/JPY Consolidation Creates Ideal Scalping Environment
- Nov, 17 USD/CAD Resistance Levels Provide Targets For Scalpers
- Nov, 16 USD/CHF Slows On Approach To Parity Creating Scalping Opportunity
- Nov, 13 USD/JPY Support Level Provides Target For Scalpers
- Nov, 12 GBP/USD Consolidating After Finding Support, Creating Scalping Environment
- Nov, 11 AUD/USD Quiets After Setting Fresh Yearly High, Creating Scalping Opportunity
- Nov, 10 GBP/JPY Consolidation Provides Opportunity For Scalpers
- Nov, 09 USD/CAD Slowed By Support Creating Scalping Opportunity
- Nov, 06 A Range Bound EUR/USD Provides Opportunity For Scalpers
- Nov, 05 AUD/USD Providing Rich Scalping Environment As Markets Await NFP’s
- Nov, 03 USD/CAD Consolidates Near Fibo Level Providing Opportunity For Scalpers
- Nov, 02 NZD/USD’s Declining Trendline Provides Opportunity For Scalpers
- Oct, 30 EUR/USD Provides Levels For Scalpers To Target
- Oct, 29 EUR/CHF Presents Scalping Opportunity As Broader Volatility Increases
- Oct, 28 EUR/USD: Trading the Advanced U.S. 3Q GDP Report
- Oct, 28 GBP/USD Becomes Target For Scalpers With Looming Event Risk.
- Oct, 27 USD/JPY Target For Scalpers As Yen Regains Funding Status
The upcoming BoE rate decision will present significant event risk for the GBP/USD as the central bank will decide on the future of its asset purchase program. Therefore, we may see little volatility from the pair pre-release as traders will remain hesitant to make bets without confirming the direction of monetary policy. The potential range bound price action will provide an opportunity for scalpers to generate profits without fear of a breakout. However, traders should wait until after today’s FOMC meeting and its potential to impact market sentiment.
Key Technical Levels
We are seeing consolidation ahead of the U.S. event risk which could be duplicated as we approach the BoE rate decision. On a daily time frame we see that the 20-Day SMA has become solid support which traders can target as a level for potential consolidation. Conversely, the 10/23 high of 1.6692 may serve as resistance and could generate similar price action.
Quantitative Metrics
The GBP/USD has seen its ATR hold steady in the 170-190 pip range for the past two months making the pair attractive for scalpers. Additionally, the pair has the third lowest implied volatility of the pairs listed below at 14.35. However, a Bollinger band width of 1050 pips is a red flag and must be taken into consideration.
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To discuss this report or be added to the email list, contact John Rivera, Currency Analyst: jrivera@fxcm.com
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