Skip to Content
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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
The GBP/USD Ranges After Rate Decision

The GBP/USD Ranges After Rate Decision

Walker England, Forex Trading Instructor

Talking Points

  • The GBP/USD continues to range after BOE decision
  • Range resistance is found at 1.4431
  • SSI reads at an extreme +2.74

GBP/USD 30 Minute Chart

(Created using Marketscope 2.0 Charts)

Losing Money Trading Forex? This Might Be Why.

The GBP/USD continues trade in a 53-pip range despite this morning’s BOE rate decision. Ultimately, the BOE decided to hold rates at 0.50%. While this news did provide some brief volatility for the GBP/USD and other pound crosses, prices for the Cable have ultimately stayed beneath range resistance. This value can be seen above at the R3 pivot point at a price of 1.4431. If prices remain beneath this value, it opens up the market to continue ranging. In this scenario, traders will look for prices to return towards support, which is found at the S3 pivot at a price of 1.4378.

It should be noted that prices have already traversed today’s pivot range once. However, in the event of a breakout, traders should continue to monitor both the R4 and S4 pivots. In a bullish scenario, breakouts may begin if price action trades above R4 pivot point at 1.4457. Conversely, a bearish breakout below support would be denoted by a decline through the S4 pivot point at 1.4351. A move below support would be significant, as prices would be trading back in the direction of the pair’s primary trend. When using a 1-X extension of today’s 53-pip pivot range, potential bearish breakout targets may be found near 1.4404.

SSI (Speculative Sentiment Index) is still holding at an extreme for the GBP/USD, reading at +2.74. With 73% of positioning long the market, this may be taken as a bearish contrarian signal for the pair. Alternatively, if the current downtrend begins to turn, traders will look for SSI to move back from extremes towards a more neutral figure.

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.