The EURGBP has continued to consolidate today, and continues to trade inside of a defined 42 pip pivot range. Today’s range begins at the S3 Camarilla pivot found at a price of .7277, and ends at the R3 pivot found at .7319. So far prices have tested resistance once in London session trading, but have quickly moved back lower towards today’s central pivot at .7299. If the EURGPB continues to trade underneath resistance, it opens up the option of prices attempting a reversal back towards values of support.
While today’s economic calendar is light on data, a breakout is always a possibility as we close out the trading week. A move beyond the R4 pivot, found at .7341, would be considered significant. This scenario would represent the first bullish breakout in the last eight trading sessions. Conversely, a breakout below todays S4 pivot at .7255, would suggest that there may be more continued weakness for the pair. In either breakout scenario, traders should conclude any range based positioning and look to position new orders with the markets chosen direction.