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GBP/USD Retraces to Resistance at 1.5136

GBP/USD Retraces to Resistance at 1.5136

Walker England, Forex Trading Instructor


Talking Points

  • The GBP/USD retraces to pivot resistance
  • Range resistance is found at a price of 1.5136
  • Bearish breakouts are signaled below 1.5063

GBP/USD 30Minute Chart

(Created using TradingView Charts)

The GBP/USD has retraced against its primary trend this morning back to a point of daily resistance. Currently prices are testing the R3 Camarilla pivot, which is found at a price of 1.5136. If resistance holds, traders may take this pullback as an opportunity to join the prevailing trend. In the event that this morning’s bullish momentum reverses, traders may look to target values of support including the S3 pivot point found at a price of 1.5087. If prices do approach the S3 pivot, traders should continue to monitor price action. A bounce from support would suggest continued consolidation; while a lower decline, would open up the GBP/USD to new lower lows.

Today’s S4 pivot point is found at 1.5063. A move below this value would signal the third bearish breakout in the last four trading periods. This would be a strong signal for a continued decline for the pair, and traders would begin looking for the GBP/USD to challenge the weekly lows at 1.5029. Traders using a 1x extension of the previously mentioned range for initial breakout targets, can also project a bearish decline down to a price of 1.5014. Alternatively, bullish breakouts should be considered above 1.5160. A move to this point would be the first bullish breakout in eight trading sessions, and would at least temporarily suggest the end to the current bear trend.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.