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
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/iVOEuK40rn
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1G4lMu https://t.co/2TpkkUu7Hg
GBPUSD Attempts 3rd Bullish Breakout

GBPUSD Attempts 3rd Bullish Breakout

Walker England, Forex Trading Instructor

Talking Points

  • Today’s GBPUSD range measures 78 points
  • R4 Breakouts begin over 1.5665
  • R3 resistance is found at 1.5626

GBPUSD 30Minute Chart

GBPUSD Attempts 3rd Bullish Breakout

(Created using Trading View Charts)

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

The GBPUSD is attempting to breakout higher this morning, and close the week on newly created highs. The pair has gained momentum after the Fed declined to raise rates in yesterday’s FOM rate decision. Price action is currently trading above today’s 78 pip trading range, which starts at the R3 Camarilla pivot seen below at a price of 1.5626. The next value of resistance for the pair stands at the R4 pivot at a price of 1.5665. A move beyond this value would mark the 3rd bullish breakout over the last three trading sessions. If a breakout does occur, traders can begin targeting a 1x extension of today’s range towards a price of 1.5743.

In the event that prices fail to breakout to a new high, traders will look for prices to drop back inside of the previously mentioned range. In this scenario, prices must first drop below the R3 pivot before potentially challenging values of support. It should be noted that range support is found at 1.5548. A decline below this point, to the S4 pivot at 1.5509, would be considered significant. A bearish reversal to this value would bring the pair back at Pre-FOMC event prices, and open the GPBUSD up to further price declines.

GBPUSD Attempts 3rd Bullish Breakout

Camarilla pivots can be helpful for evaluating support and resistance for day trading. To learn more about pivots, and how to identify intraday price reversals, continue your education with DailyFX HERE.

Once you are ready to get started, register for a FREE Forex demo with FXCM. This way you can practiceyour day trading techniques while watching Forex pairs in real time.

Previous Market Setups

USDollar Unchanged Pre-FOMC

EURUSD Remains Range-Bound

EURGBP Continues to Trade in Range

AUDUSD Retraces to Resistance

EURUSD Attempts Second Breakout

---Written by Walker England, Trading Instructor

To Receive Walkers’ analysis directly via email, pleaseSIGN 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