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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • Vietnam says Q3 GDP lowest level since calculations started - BBG
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/eKemHgd2xD
  • House Committee on Rules to meet Wednesday at 10 am ET to advance debt limit extension - BBG
  • Japan's government pension investment fund (GPIF) will not include Chinese sovereign debt in portfolio Nikkei via BBG
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher.Find out from @ddubrovskyFX here:https://t.co/zn56iTFBxM https://t.co/bzCqq5pKdY
  • China's Evergrande Group reported to sell stake in its regional bank for near $1.5 billion - BBG
  • Update on #Cryptocurrencies #BITCOIN -1.84% #BITCOINCASH -2.03% #ETHEREUM -1.84% #RIPPLE -2.13% #LITECOIN -2.44%
  • Will be covering the Japanese #Yen to see how retail positioning could shape the outlook for $USDJPY, $AUDJPY and $EURJPY Starting in about 30 minutes! Signup for the session below: https://t.co/afqne77wU6
  • Join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQioRZER https://t.co/h2DAnqnY7J
  • #BlackRock: We are neutral U.S. equities. We see U.S. growth momentum peaking and expect other regions to be attractive ways to play the next leg of the restart as it broadens to other regions, notably Europe and Japan $SPX $NDX
FX Reversals: GBPUSD Daily Range

FX Reversals: GBPUSD Daily Range

Walker England, Forex Trading Instructor

Talking Points

  • GBPUSD opens in a 49 pip range
  • R3 resistance is found at 1.5582
  • Bearish breakouts begin at 1.5508

GBPUSD 30Minute Chart

FX Reversals: GBPUSD Daily Range

(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)

Looking for more FX Reversals? Sign up for my email list here: SIGN UP HERE

The GBPUSD has opened today’s Forex trading session range bound, traversing in a 49 pip range. Currently this range has been defined by resistance found at the R3 Camarilla pivot at a price of 1.5582. Making up the bottom of the range is current price support at the S3 pivot at a price of 1.5533. So far price has tested both values of support and resistance once. As long as price remains between these points, Forex traders can continue to look for opportunities to trade reversals between these values

In the event that prices breakout beyond today’s range, traders can begin looking for a continuation of the current daily downtrend below the S4 pivot at a price of 1.5508. This would signal a new lower low, in the direction of the pairs prevailing daily trend. In a breakout based scenario, day traders can look to conclude any range based positions and adjust to the markets current directional bias.

FX Reversals: GBPUSD Daily Range

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning about Forex and working 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.

Previous Market Setups

Forex Reversals USDJPY False Breakout

FX Reversals NZDUSD Trading Range

Forex Reversals USDCAD Remains Supported

EURUSD Pre News Range

USDJPY Support & resistance Update

---Written by Walker England, Trading Instructor

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

To contact Walker, email instructor@dailyfx.com.

Contact and Follow Walker on Twitter @WEnglandFX.

Video Lessons || Free Forex Training

Trading Using Fibonacci (13:08)

Reading the RSI, Relative Strength Index (13:57)

Money Management Principles (31:44)

Trade Like a Professional Workshop (1:44:14)

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

DISCLOSURES