News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.85%, while traders in France 40 are at opposite extremes with 66.63%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JyR3xc98Wr
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.96% Silver: 0.61% Gold: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yc6zHLMQjl
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.03% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.02% 🇨🇦CAD: -0.11% 🇪🇺EUR: -0.15% 🇳🇿NZD: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/buujEMQ7YX
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.77% Germany 30: 0.69% France 40: 0.69% Wall Street: -0.11% US 500: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Dy6BFqiMZa
  • Dollar May Rise as Stimulus Boosts Yields, Pound Eyes Bailey Comments - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/03/08/Dollar-May-Rise-as-Stimulus-Boosts-Yields-Pound-Eyes-Bailey-Comments.html
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/E8nwHmBwE6
  • Missed the weekly outlook webinar today? See the recording here: https://t.co/7vz7cXUZfJ #Dollar #stimulus #stocks #gold
  • 🇨🇭 Unemployment Rate (FEB) Actual: 3.6% Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • USD/HKD edged higher as stock market melted down.. Capital outflow? https://t.co/isRXrgVIlv
  • Heads Up:🇨🇭 Unemployment Rate (FEB) due at 06:45 GMT (15min) Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
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

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning and work on your trading education HERE.

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.

Click HERE to Register Now

---Written by Walker England, Trading Instructor

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

To be added to Walker’s e-mail distribution list, CLICK HERE and enter in your email information.

Previous Market Setups:

FX Reversals: USDCAD Morning Breakout Update

FX Reversals: USDCAD Tests Support

FX Reversals: EURGBP Breaks Final Support

FX Reversals: EURUSD Morning Reversal Update

FX Reversals: AUDUSD Trading Range Update

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

DISCLOSURES