Skip to Content
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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
FX Reversals: EURGBP Morning Breakout

FX Reversals: EURGBP Morning Breakout

Walker England, Forex Trading Instructor

Talking Points

  • The EURGBP attempts to breakout over .7123
  • Today’s range measures 39 pips
  • R3 resistance is found at .7106

EURGBP 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)

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

The EURGBP is trading higher this morning with price action breaking out to new weekly highs above the pair’s daily R4 Camarilla pivot. Today’s R4 pivot is found at .7123, and price first attempted to break through this value on mixed GBP Retail Sales data. Since the initial move, price has retraced back towards this value of resistance. As previous resistance has become new support, bullish traders may continue to keep their bias if prices remain above this value. Bullish targets can begin with 1x extension of today’s 39 pip trading range towards .7162

In the event of a false breakout, traders will look for prices to return back inside of today’s trading range. R3 resistance, as seen in the chart above, is found at a price of .7106. If the EURGBP falls below this point, traders will look for prices to test values of support, including today’s S3 pivot point found at .7070. Conversely a decline under the S4 pivot at .7053 would suggest a broader bearish reversal is in play. In either scenario, this would suggest an end to the current bullish EURGBP momentum, while invalidating this morning’s breakout.

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

FX Reversals: EURUSD Attempts Breakout on News

FX Reversals USDJPY Pre-NFP Range

FX Reversals: EURUSD Breakout Fails

FX Reversals: GBPUSD News Breakout

FX Reversals: EURUSD Support Update

---Written by Walker England, Trading Instructor

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

To contact Walker, email

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.