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GBPUSD Support and Resistance Update

GBPUSD Support and Resistance Update

Walker England, Forex Trading Instructor

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Talking Points

  • GBPUSD Opens in a 86 Pip Range
  • Range Resistance Sits at 1.6128
  • Range Reversals Triggered Under 1.5999

GBPUSD 2Hour Chart

(Created using FXCM’s Marketscope 2.0 charts)

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The GBPUSD opened the week sharply lower, but since Wednesday’s low of 1.5874 the pair has rebounded as much as 251 pips. However, at the open of today’s U.S. trading session, the pair paused its advance to trade inside of the marked trading range seen above. Currently price support is found at the S3 pivot at a price of 1.6042. Range resistance is found at 1.6128 completing today’s 86 pip trading range. Price has already traversed the range once this morning, and reversal traders will watch to see if price stays supported above the S3 Camarilla pivot.

In the event of a price breakout, traders will look to see if momentum is headed to a lower low, or higher high. A break above the R4 pivot at 1.6171 would give credibility to a longer term bull reversal. If price drops back below the S4 pivot at 1.5999, this would suggest that the current retracement has concluded with price heading back in the direction of the daily trend. If either breakout scenario develops, traders should look to conclude any range bound opportunities while looking to trade with the markets new chosen direction.

Suggested Reading: Trading Intraday Market Reversals

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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.

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