DailyFX.com -

Talking Points

  • GBPUSD Tests Resistance on News
  • Range Resistance Begins at 1.6646
  • S3 Support is at 1.6582

GBPUSD 30min Chart

FX Reversals: GBPUSD Tests Resistance on News

(Created using FXCM’s Marketscope 2.0 charts)

The GBPUSD attempted to break higher this morning on the release of the Bank of England meeting minutes. However even with the news of two board members supporting rate hikes, price failed to breakout and trade beyond the R4 camarilla pivot at 1.6680. At the current time, price has reversed back inside of the designated camarilla pivot range. Range resistance for the GBPUSD currently sits at 1.6646. Support can be seen above at S3 pivot at 1.6582. The distance between these two points have created a 64 pip trading range for today’s session.

Traders should be aware that a move toward support would be a move back in the direction of the pairs prevailing daily trend. Conversely if price breaks resistance over R4 at 1.6680, it could signal a broader reversal for the pair on a move to higher highs. In either scenario, a breakout would signal a change in market conditions, giving traders an opportunity to enter the market with fresh price momentum.

FX Reversals: GBPUSD Tests Resistance on News

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 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.
  2. 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 ...
  3. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  9. 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?
  10. Forex News

    How The Forex "Fix" May Be Rigged

    When it comes to forex, some types of "fixes" are legal. But some really aren't.
RELATED TERMS
  1. No results found.

You May Also Like

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!