FX Reversals: GBPUSD Range Update
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.
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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