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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇨🇦CAD: -0.01% 🇳🇿NZD: -0.04% 🇨🇭CHF: -0.17% 🇪🇺EUR: -0.19% 🇬🇧GBP: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/VzvKs7Fdm4
  • Heads Up:💶 ECB President Lagarde Speech due at 07:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-27
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: US 500: 0.71% Wall Street: 0.66% FTSE 100: 0.54% Germany 30: 0.14% France 40: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/QW4TmgzMvC
  • 🇫🇷 Consumer Confidence Actual: 93 Expected: 92 Previous: 95 https://www.dailyfx.com/economic-calendar#2020-05-27
  • 🇫🇷 Business Confidence Actual: 70 Expected: 85 Previous: 68 https://www.dailyfx.com/economic-calendar#2020-05-27
  • USD/MXN remains caught in a choppy range, which generally has traders looking for a directional move frustrated. Get your $USDMXN technical analysis form @PaulRobinsonFX here: https://t.co/gCXqAEGVix https://t.co/fVb44SoBzx
  • Heads Up:🇫🇷 Consumer Confidence due at 06:45 GMT (15min) Actual: 93 Expected: 92 Previous: 95 https://www.dailyfx.com/economic-calendar#2020-05-27
  • Heads Up:🇫🇷 Business Confidence due at 06:45 GMT (15min) Actual: 70 Expected: 85 Previous: 68 https://www.dailyfx.com/economic-calendar#2020-05-27
  • 🇳🇴 Unemployment Rate Actual: 3.6% Expected: 4% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2020-05-27
  • Heads Up:🇳🇴 Unemployment Rate due at 06:00 GMT (15min) Expected: 4% Previous: 3.5% https://www.dailyfx.com/economic-calendar#2020-05-27
GBPUSD Attempts 3rd Daily Decline

GBPUSD Attempts 3rd Daily Decline

2015-09-29 12:44:00
Walker England, Forex Trading Instructor
Share:

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)

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

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

Want to get started trading with pivot points? Learn to use Camarilla pivots 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.

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

To Receive Walkers’ analysis directly via email, please SIGN 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

News & Analysis at your fingertips.