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.

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
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • UK is said to be weighing Huawei installation ban in 2021 -BBG
  • NZD/USD quickly pulls back from a fresh 2020 high (0.6968) as upbeat data prints coming out of the US economy spark a bullish reaction in the Greenback. Get your $NZDUSD market update from @DavidJSong here: https://t.co/zghuqNDKXP https://t.co/B5YZ0dWOtR
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.27% 🇨🇦CAD: 0.05% 🇳🇿NZD: -0.09% 🇨🇭CHF: -0.16% 🇦🇺AUD: -0.23% 🇯🇵JPY: -0.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zBEnHG1OJ9
  • US 10-year Treasury yields aiming higher on positive vaccine developments after U-turning at Ascending Channel support A move back towards the November high (0.98) looks likely in the near term and could spell further downside for #gold prices $TNX $GLD #US10Y https://t.co/7TgKaDHLdB
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.43% Gold: -1.90% Silver: -2.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/m88Pl31QW4
  • Michigan certifies election results for Joe Biden - BBG
  • Mexican Peso is carving the weekly opening-range just above downtrend support and while the broader risk remains lower. Get your $USDMXN market update from @MBForex here:https://t.co/7KPza6gEmZ https://t.co/u1Fdz3dwEI
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.33%, while traders in NZD/USD are at opposite extremes with 75.64%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yjvp0kn5Ab
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.07% France 40: 0.02% Wall Street: 0.01% US 500: 0.01% FTSE 100: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/AWgEa62SzF
  • 🇰🇷 Consumer Confidence (NOV) Actual: 97.9 Previous: 91.6 https://www.dailyfx.com/economic-calendar#2020-11-23
GBP/USD Inside Bar Breakout

GBP/USD Inside Bar Breakout

2015-11-25 15:10:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • The GBP/USD is trading inside yesterday’s price action
  • Traders may monitor support & resistance for a breakout
  • Daily ATR currently reads at 96 pips

GBP/USD Daily Chart

GBP/USD Inside Bar Breakout

(Created using TradingView Charts)

The GBP/USD has continued to consolidate this morning, as traders anticipate a quiet close going into tomorrow’s Thanksgiving holiday. So far the pair continues to range between yesterday’s daily high found at 1.5155 and low at a price of 1.5053. This means that if prices fail to break out, and price action closes inside of these values, traders can begin planning for breakout opportunities for the pair. Using the previous daily candle as a reference, traders can plan for a bullish breakout above the high at 1.5155. Conversely, a move below support at 1.5053 would suggest a continued bearish bias for the pair. It should be noted that the GBP/USD has traded lower over the last three trading sessions, and a breakout lower could be the catalyst for a future trend continuation.

Traders looking to set targets for an inside bar breakout, can use ATR (Average True Range) to gauge potential market volatility. Currently daily ATR for the GBP/USD reads at .0096 or 96 pips. This places initial bullish targets near 1.5251 using a 1-x extension of this value. Alternatively, a breakout below support would open up the pair to a potential 1-x target of 1.4957.

In the event that prices fail to breakout, traders may look for continued consolidation from the GBP/USD. Traders may continue to watch for range based trading opportunities as long as prices remain inside of the reference bars high and low.

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 best time to trade breakouts? Learn more about market volatility with our Traits of Successful Traders e-Guide. Read page 18 of the Traits of Successful Traders Guide to find out more [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