Talking Points
- EURGBP Reverses Inside Daily Range
- Price Support is Found at .7951
- Bullish Momentum Signaled Over .7959
GBPUSD 30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
Suggested Reading: Trading Intraday Market Reversals
The EURGBP opens range bound today at the start of US Session trading. The pair currently trading near range resistance at the S3 pivot located at .7951. A price reversal at this point, would suggest a bounce towards range resistance. R3 resistance is located at .7974, creating a 23 pip trading range for today. Price has already traversed the range once, and in the absence of a breakout traders will look for ranging conditions to continue.
With a loaded economic calendar this week, there is always the possibility of a price breakout. Traders should continue to monitor both the S4 and R4 pivot, for either the creation of a higher high or lower low. At present the R4 pivot stands at .7959 and S4 support rests at .7940. In either breakout scenario, traders can look for the conclusion of ranging markets and trade with new market momentum
Yesterdays Update
On Friday the USDJPY was hovering under strong resistance at 107.40. Throughout the trading session price never breached this value, leaving the pair in a holding pattern inside of its defined trading range. In the absence of a breakout, traders can still look for key values of support and resistance for trading opportunities. Use the link below, to review the setup!
FX Reversals: USDJPY Stalls Under R4 Resistance
---Written by Walker England, Trading Instructor
To contact Walker, email instructor@dailyfx.com. Follow me on Twitter @WEnglandFX.
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FX Reversals: USDJPY Stalls Under R4 Resistance
