GBPUSD Reaches Range Resistance
Talking Points
-
The
GBPUSD
is trading in a 70 pip range
- Price has moved to resistance under 1.5634
- A reversals breakout is signaled under 1.5528
GBPUSD 30Minute
Chart
(Created using FXCM’s Marketscope 2.0 charts)
Looking for more FX Reversals?
S
ign up for my email list here:
SIGN UP HERE
The GBPUSD has opened the US trading session moving sideways inside of a 70 pip defined range. Today’s range starts at resistance found at the R3 pivot point, at a price of 1.5634. Range support is found below at the S3 pivot, at a price of 1.5564. It should be noted that price has already traversed today’s trading range twice. As price is currently trading under resistance, traders will look for
prices
to move back towards values of support if current market conditions persist.
In the event that price breaks from its current range, traders may begin looking for a breakout at either the R4 or S4 pivot. A move beyond the R4 pivot at 1.5669 would be considered a bullish breakout, as prices move back in the direction of the daily trend. Also a bullish breakout above this point would suggest that the market is poised to close higher for the sixth time out of the previous seven trading days. Alternatively, a breakout below the S4 pivot at 1.5528, would be considered a bearish reversal. A move to this point would be contra to the primary trend leaving traders to adjust their strategy accordingly.
Also, using Camarilla pivots is just one way to approach day trading. To help you get started in your trading pursuit, hosts a variety of day trading webinars. To learn more and register for future events, see the webinar calendar listed
HERE
.
Previous Market Setups
GBPUSD Range Reversal Update
USDollar Attempts Breakout on News
EURJPY Fails to Breakout Higher
—Written by Walker England, Trading Instructor
To Receive Walkers’ analysis directly via email, please
SIGN UP HERE
To contact Walker, email
.
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)
