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
GBPUSD Low Volatility Period Ends- Reversal Scalp Faces 1.5450 Hurdle

GBPUSD Low Volatility Period Ends- Reversal Scalp Faces 1.5450 Hurdle

Michael Boutros,

Talking Points



Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPUSD in the process of marking outside weekly reversal candle off the monthly high- bearish
  • Interim support confluence at 1.5447/59 backed by key support at 1.5332/58
  • Subsequent support at 1.52187/46
  • Key resistance at 1.5630- bearish invalidation
  • Daily RSI support-trigger break- bearish
  • Look for momentum support at 40- break below would reinforce short-bias
  • Key Event Risk on Tap- US 2Q GDP revision tomorrow and Carney Speech at Fed Symposium & UK 2Q GDP revision on Friday

GBPUSD 30min

Notes: The pound has fallen more than 2.2% off the highs with the reversal broking the weekly opening range low as intraday momentum moved to its lowest levels since early July. Today’s decline marks the third largest this year with the sell-off now approaching the first region of key technical support at 1.5448/62. The immediate short-bias is at risk above this region with interim resistance seen at 1.5528 backed by our bearish invalidation level at the highlighted region into 1.5580.

Bottom line: We’ll be looking for to sell rallies / short triggers while below weekly trendline resistance with a breach above needed to shift the focus back towards the 1.57-handle. A break below support this targets subsequent objectives at 1.5420 backed by the July low-day close at 1.5358 & 1.5331. A quarter of the daily average true range (ATR) yields profit targets of 28-31pips per scalp. Caution is warranted heading into US & UK event risk later this week with the release of the 2Q GDP revisions and ongoing commentary form the Jackson Hole Fed Symposium likely to fuel added volatility in USD & GBP crosses.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex,contact him at or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX at 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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