FX Reversals: GBPUSD Range Update
Talking Points
-
The
GBPUSD
moves lower on
GDP
Data
- Today’s range measures 77 pips
- R4 breakouts begin at 1.5477
GBPUSD 30Minute
Chart
(Created using Trading View Charts)
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The
GBPUSD has opened lower
for the fourth straight US trading session this week. This bearish move began by first testing areas of resistance, near the R3 Camarilla Pivot at 1.5439, then moving lower on
GBP
Gross Domestic Product data. Despite the news coming in at an expected 2.6%, the GBP failed to rally and soon dropped to support against the
USDollar
. Today’s value of range support sits at the S3 pivot, found at a price of 1.5362. If
prices
remain supported, traders may begin looking for the GBPUSD to bounce and reverse back towards values of resistance. Today’s total range measures 77 pips, and a move back to the R3 pivot would suggest at least a temporary end to the previously seen bearish momentum.
In the event that prices do not stay range bound, traders can begin looking for a breakout above the R4 or below the S4 pivot points. A move to either of these points would denote a new higher high, or lower low respectively. A move beyond S4, found at 1.5324, would add a strong technical case for the market to continue trading with the trend. Conversely a move beyond R4, found at 1.5477, would suggest the market may beginning a broader bullish reversal. In either breakout scenario, traders may use the markets chosen direction to place new orders on the GBPUSD.
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Previous Market Setups
FX Reversals: EURUSD Moves to Support On News
FX Reversals: USDCAD Attempts Early Morning Breakout
FX Reversals: EURUSD Attempts Breakout on News
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FX Reversals: EURUSD Breakout Fails
—Written by Walker England, Trading Instructor
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