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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

(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)

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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.

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.

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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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