GBPUSD Range Reversal Update
- The GBPUSD moves to support at 1.5485
- Price is trading in a 63 pip range
- A Reversals signaled under 1.5456
GBPUSD 30Minute Chart
(Created using Trading View Charts, Click the graph for more deatils.)
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The GBPUSD has moved to range support after this morning’s PPI data release. PPI Ex Food and Energy (MOM) came in at 0.1% as forecasted, which temporarily bolstered US Dollar(USD) strength relative to the Pound (GBP). Traders will continue to watch the S3 Camarilla pivot, as the University of Michigan consumer confidence survey is set to be released at 14:00 GMT. A bounce from support would extend bullish expectations, with traders first looking for prices to return towards range resistance at the R3 pivot found at a price of 1.5548.
In the event that further data strengthens the US Dollar, traders can begin looking for a reversal of the GBPUSD. Today’s S4 breakout pivot resides at 1.5456. A breakout below this support value, would create a case for continued bearish momentum as traders begin to look for lower lows on the pair. Alternatively, if prices bounce and move through the GPBUSD’s 63 pip range, traders will look for a bullish continuation to this week’s daily trend above the R4 pivot at 1.5579.
Previously, we discussed the USDollar attempting to breakout above resistance on better than expected reail sales numbers. Get up to date on yesterdays price action using the link HERE.
Also, using Camarilla pivots is just one way to approach day trading. To help you get started in your trading pursuit, DailyFX hosts a variety of day trading webinars. To learn more and register for future events, see the webinar calendar listed HERE.
---Written by Walker England, Trading Instructor
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