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GBPUSD Price Reversal on News

GBPUSD Price Reversal on News

Walker England, Forex Trading Instructor

Talking Points

  • Today’s GBPUSD trading range measures 64 pips
  • R3 range resistance is found at 1.1216
  • Bearish Breakouts at S4 under 1.1120

GBPUSD 30Minute Chart

(Created using Trading View Charts)

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The GBPUSD has traded through today’s 66 pip range after this morning’s BOE (Bank of England) rate decision. As expected the BOE has left key interest rates the same at .50%, which has caused the Pound to sell off against most major currencies. Currently the GBPUSD is trading below range support, which is found at a price of1.5282. However, if prices move back inside of today’s trading range, it may represent a bullish reversal for the pair. If this occurs, traders will begin targeting values of resistance, including the R3 Camarilla pivot found at a price of 1.5348. If prices continue to rise, a bullish breakout would be signaled above the R4 pivot at 1.5381. This would represent the third bullish breakout in the last three trading sessions, signaling a return to trending market conditions.

Alternatively, if prices continue to decline for the pair, traders will begin looking for a bearish breakout below the S4 pivot point, which is seen below at a price of 1.5249. A breakout below support would be significant, as it would be the first bearish breakout in the last nine trading sessions. In this scenario, traders may look to target a 1x extension of the range towards a potential price target of 1.5183

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Previous Market Setups

EURUSD Trades to Daily Pivot Resistance

EURUSD Remains Supported Before News

GBPUSD Attempts 3rd Daily Decline

USDCAD Stalls at Resistance

AUDUSD Attempts 3rd Daily Breakout

---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.