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FX Reversals: GBPUSD Range Update

FX Reversals: GBPUSD Range Update

Walker England, Forex Trading Instructor

Talking Points

  • The GBPUSD moves lower on GDP Data
  • Today’s range measures 77 pips
  • R4 breakouts begin at 1.5477

GBPUSD 30Minute Chart

(Created using Trading View Charts)

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The GBPUSD has opened lower for the fourth straight US trading session this week. This bearish move began by first testing areas of resistance, near the R3 Camarilla Pivot at 1.5439, then moving lower on GBP Gross Domestic Product data. Despite the news coming in at an expected 2.6%, the GBP failed to rally and soon dropped to support against the USDollar. Today’s value of range support sits at the S3 pivot, found at a price of 1.5362. If prices remain supported, traders may begin looking for the GBPUSD to bounce and reverse back towards values of resistance. Today’s total range measures 77 pips, and a move back to the R3 pivot would suggest at least a temporary end to the previously seen bearish momentum.

In the event that prices do not stay range bound, traders can begin looking for a breakout above the R4 or below the S4 pivot points. A move to either of these points would denote a new higher high, or lower low respectively. A move beyond S4, found at 1.5324, would add a strong technical case for the market to continue trading with the trend. Conversely a move beyond R4, found at 1.5477, would suggest the market may beginning a broader bullish reversal. In either breakout scenario, traders may use the markets chosen direction to place new orders on the GBPUSD.

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Previous Market Setups

FX Reversals: EURUSD Moves to Support On News

FX Reversals: USDCAD Attempts Early Morning Breakout

FX Reversals: EURUSD Attempts Breakout on News

FX Reversals USDJPY Pre-NFP Range

FX Reversals: EURUSD Breakout Fails

---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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