DailyFX.com -

Talking Points

  • GBPUSD Trades at 4 Week Low
  • Trading Under S4 Support
  • Range Support Sits at 1.6863

GBPUSD 30min Chart

FX Reversals: GBPUSD Market Breakout

(Created using FXCM’s Marketscope 2.0 charts)

After today’s NFP event, the GBPUSD remains one of the markets weakest currency pairs based on USDollar strength. Overnight, the GBPUSD was already trading at weekly low. Even with a worse than expected NFP print, the pair failed to reverse back inside of the trading range marked by S3 support at 1.6863. Currently price remains under S4 support at 1.6844. As the pair continues to move towards lower lows, this can allow breakout traders the opportunity to place new orders with the prevailing trend.

A return to ranging markets is always a consideration as the trading week comes to a close this Friday. Currently todays pivot range is denoted by S3 mentioned above, and the R3 pivot resting at 1.69001. A reversal in price, in between the mentioned pivots, would signal an end to the current breakout environment. At this point, traders should reconsider their trading bias based off of the change in market conditions.

FX Reversals: GBPUSD Market Breakout

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning and work on your trading education HERE.

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.

Click HERE to Register Now

Related Articles
  1. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  2. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  3. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  4. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  5. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  6. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  7. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  8. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  9. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  10. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!