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FX Reversals: GBPUSD Tests Resistance on News

FX Reversals: GBPUSD Tests Resistance on News

Walker England, Forex Trading Instructor

Talking Points

  • GBPUSD Tests Resistance on News
  • Range Resistance Begins at 1.6646
  • S3 Support is at 1.6582

GBPUSD 30min Chart

FX Reversals: GBPUSD Tests Resistance on News

(Created using FXCM’s Marketscope 2.0 charts)

The GBPUSD attempted to break higher this morning on the release of the Bank of England meeting minutes. However even with the news of two board members supporting rate hikes, price failed to breakout and trade beyond the R4 camarilla pivot at 1.6680. At the current time, price has reversed back inside of the designated camarilla pivot range. Range resistance for the GBPUSD currently sits at 1.6646. Support can be seen above at S3 pivot at 1.6582. The distance between these two points have created a 64 pip trading range for today’s session.

Traders should be aware that a move toward support would be a move back in the direction of the pairs prevailing daily trend. Conversely if price breaks resistance over R4 at 1.6680, it could signal a broader reversal for the pair on a move to higher highs. In either scenario, a breakout would signal a change in market conditions, giving traders an opportunity to enter the market with fresh price momentum.

FX Reversals: GBPUSD Tests Resistance on News

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---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com. Follow me on Twitter @WEnglandFX.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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