FX Reversals: GBPUSD Daily Trading Range
- GBPUSD Opens in a 52 Pip Range
- Range Resistance is Found at 1.6265
- Breakouts Signaled Under 1.6291
GBPUSD 30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
Suggested Reading: Trading Intraday Market Reversals
The GBPUSD has started the trading week traversing in a 52 pip range. Currently this range has been defined by resistance found at the R3 pivot at a price of 1.6265. Making up the bottom of the range is current price support at the S3 pivot at a price of 1.6213. As long as price remains between support and resistance, traders can continue to look for opportunities to trade reversals between these values
In the event that prices do not hold the range, traders can begin looking for a continuation of the daily trend below the S4 pivot at a price of 1.6186. This would signal a new lower low, in the direction of the pairs prevailing daily trend. In a breakout based scenario, day traders can look to conclude any range based positions and adjust to the markets current directional bias.
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---Written by Walker England, Trading Instructor
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.