GBPUSD Price Reversal on News
Talking Points
-
Today’s
GBPUSD
trading range measures 64 pips
- R3 range resistance is found at 1.1216
- Bearish Breakouts at S4 under 1.1120
GBPUSD 30Minute
Chart
(Created using Trading View Charts)
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The GBPUSD has traded through today’s 66 pip range after this morning’s BOE (Bank of England)
rate decision
. As expected the BOE has left key interest rates the same at .50%, which has caused the
Pound
to sell off against most major currencies. Currently the GBPUSD is trading below range support, which is found at a price of1.5282. However, if
prices
move back inside of today’s trading range, it may represent a bullish reversal for the pair. If this occurs, traders will begin targeting values of resistance, including the R3 Camarilla pivot found at a price of 1.5348. If prices continue to rise, a bullish breakout would be signaled above the R4 pivot at 1.5381. This would represent the third bullish breakout in the last three trading sessions, signaling a return to trending market conditions.
Alternatively, if prices continue to decline for the pair, traders will begin looking for a bearish breakout below the S4 pivot point, which is seen below at a price of 1.5249. A breakout below support would be significant, as it would be the first bearish breakout in the last nine trading sessions. In this scenario, traders may look to target a 1x extension of the range towards a potential price target of 1.5183
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Previous Market Setups
EURUSD Trades to Daily Pivot Resistance
EURUSD Remains Supported Before News
GBPUSD Attempts 3rd Daily Decline
USDCAD Stalls at Resistance
AUDUSD Attempts 3rd Daily Breakout
—Written by Walker England, Trading Instructor
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