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
GBP/USD Ranges ahead of US NFP Data

GBP/USD Ranges ahead of US NFP Data

Walker England, Forex Trading Instructor

Talking Points

  • The GBP/USD Ranges ahead of NFP
  • Bearish Breakouts Begin Under 1.4321
  • SSI Reads Positive at +1.23

EUR/USD 30 Minute

(Created using Marketscope 2.0 Charts)

What do DailyFX analysts expect from the Dollar for 2016? Find out here!

The GBP/USD is trading today inside of a defined 55-pip range. Prices are currently turning lower after testing range resistance, which is found at the R3 Camarilla pivot at a price of 1.4403. So far price action has traversed today’s range once, and if market conditions continue traders may look for GBP/USD to again trade towards support. Range support is denoted in the graph above by the S3 pivot, which is located at a price of 1.4348.

While many traders are expecting breakouts to develop during tomorrows NFP (Non-Farm Payrolls) news event, today traders should also continue to monitor both the R4 and S4 pivot points for a higher high or lower low. A move above 1.4430 at today’s R4 pivot point would signal a bullish breakout. In this scenario, traders may extrapolate 1X today’s 55 pip trading range to find preliminary breakout targets near 1.4485. Alternatively, a bearish breakout for the day begin beneath the S4 pivot at 1.4321. After extrapolating 1X the range, this places initial bearish targets at 1.4266.

Find out the latest positioning totals with DailyFX’s sentiment page

SSI (Speculative Sentiment Index) for the GBP/USD current reads +1.23. When taken as a contrarian signal, this positive number may be interpreted as a bearish signal. If prices do begin to decline, traders should look for SSI to continue to advance towards positive extremes above +2.0. Alternatively, in the event of a bullish advance, traders should look for SSI to flip towards a negative extreme.

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.

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