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EURGBP Continues to Trade in Range

EURGBP Continues to Trade in Range

Walker England, Forex Trading Instructor

Talking Points

  • The EURGBP trades under R3 Resistance
  • Today’s range measures 42 pips
  • S4 breakouts begin below .7255

EURGBP 30Minute Chart

(Created using Trading View Charts)

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The EURGBP has continued to consolidate today, and continues to trade inside of a defined 42 pip pivot range. Today’s range begins at the S3 Camarilla pivot found at a price of .7277, and ends at the R3 pivot found at .7319. So far prices have tested resistance once in London session trading, but have quickly moved back lower towards today’s central pivot at .7299. If the EURGPB continues to trade underneath resistance, it opens up the option of prices attempting a reversal back towards values of support.

While today’s economic calendar is light on data, a breakout is always a possibility as we close out the trading week. A move beyond the R4 pivot, found at .7341, would be considered significant. This scenario would represent the first bullish breakout in the last eight trading sessions. Conversely, a breakout below todays S4 pivot at .7255, would suggest that there may be more continued weakness for the pair. In either breakout scenario, traders should conclude any range based positioning and look to position new orders with the markets chosen direction.

Camarilla pivotscan be a great tool to aid in your day trading. Get started by increasing your trading education with DailyFX! Start learning about markets and trading intraday price reversals HERE.

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Previous Market Setups

AUDUSD Retraces to Resistance

EURUSD Attempts Second Breakout

EURUSD Fails to Breakout on NFP

---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.