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GBPUSD Attempts 3rd Daily Decline

GBPUSD Attempts 3rd Daily Decline

Walker England, Forex Trading Instructor

Talking Points

  • Today’s GBPUSD trading range measures 46 pips
  • S3 range support is found at 1.5149
  • Bearish breakouts begin below 1.5126

GBPUSD 30Minute Chart

GBPUSD Attempts 3rd Daily Decline

(Created using Trading View Charts)

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The GBPUSD has continued its decline this morning, moving lower after retracing to resistance. Today’s range resistance is located at the R3 Camarilla pivot found at a price of 1.5195. After failing to break through resistance, prices have quickly declined through the 46 pip trading range back to support at the S3 pivot found at a price of 1.5149. If prices remain supported at this point, it would suggest that the current downtrend may at least temporarily be stalled. However, if prices continue to decline, it may suggest that the GBPUSD is set to close lower for the 7th time in the last 8 trading sessions.

If the GBPUSD continues to decline further, traders will look for a breakout below the S4 pivot point which is found at a price of 1.5126. A 1x extension of today’s range places preliminary targets for a bearish breakout at 1.5080. Alternatively, in the event of a price reversal, the GBPUSD would be expected to move back through values of resistance. This would include the R4 pivot found at 1.5218. A move to this point would be significant as it would be the first bullish breakout since September 17th. In either breakout scenario, traders should look to conclude any open range based positioning, and adapt their strategy with the markets chosen direction.

GBPUSD Attempts 3rd Daily Decline

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DISCLOSURES

Previous Market Setups

USDCAD Stalls at Resistance

AUDUSD Attempts 3rd Daily Breakout

EURUSD Trades to Range Support

GBPUSD Attempts 3rd Bullish Breakout

USDollar Unchanged Pre-FOMC

---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.

DISCLOSURES