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GBPUSD Support and Resistance Update

GBPUSD Support and Resistance Update

Walker England, Forex Trading Instructor

Talking Points

  • GBPUSD Stalls under today’s R4 pivot
  • R3 range resistance is found at 1.5646
  • A breakout below 1.5436 suggests a broader bearish reversal

GBPUSD 30Minute Chart

(Created using FXCM’s Marketscope 2.0 charts)

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The GBPUSD closed 144 pips higher yesterday after advancing for the fourth time in the previous five trading sessions. With such a strong advance, many traders are waiting for the pair’s next breakout towards higher highs. As of this morning, price has tested but yet to close above its R4 camarilla pivot point at 1.5706. A strong move above this pivot would suggest a continued bullish bias for the pair.

Alternatively, a move back inside of today’s pivot range would suggest the possibility of an intraday reversal for the GBPUSD.Currently R3 range resistance is found at a price of 1.5646. A move below this value would begin to expose key lines of support including the S3 support pivot found at 1.5525. A further decline below the S4 pivot at 1.5436 would open the market to a bearish breakout and the potential for a broader market reversal.

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

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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.