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
More View more
GBP/USD Ranges Ahead of FOMC Minutes

GBP/USD Ranges Ahead of FOMC Minutes

Walker England, Forex Trading Instructor

Talking Points

  • GBP/USD consolidates ahead of U.S. FOMC minutes
  • Range support is found at 1.5188.
  • Bullish breakouts begin over 1.5257

GBPUSD 30Minute

GBP/USD Ranges Ahead of FOMC Minutes

(Created using TradingView Charts)

Looking for more analysis on markets? Sign up for my email list here: SIGN UP HERE

The GBP/USD continues to trade inside of a 56 pip trading range this morning, between key values of support and resistance. The pair has already traversed the range once, after bouncing off the S3 Camarilla pivot point found at 1.5187 in early trading. This range bound activity is not surprising as the FOMC meeting minutes for October are set to be released later this afternoon at 19:00 GMT. Many traders are waiting for this event to determine the future direction of the U.S. Dollar. If the news substantially increases market volatility, it may potentially cause the pair to breakout. However, in the meantime traders may continue to monitor the range for potential trading opportunities.

Traders should also watch today’s R4 and S4 pivot points in the event a breakout occurs on the previously mentioned news. In the event that the GBP/USD trades above the R4 Pivot point at a price of 1.5257, this would establish a new weekly high for the pair. A move to this point would be the first bullish breakout in five trading periods and traders looking for a 1-x extension of the range may consider initial targets near 1.5313. Alternatively, in the event of a bearish breakout, traders will look for prices to decline below the S4 pivot point at 1.5164. In this scenario, a 1-x extension of the range places the GBP/USD at weekly lows at a price of 1.5108.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required].

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