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GBP/USD Tests Resistance on Disappointing U.S. Data

FX:GBPUSD   British Pound/U.S. Dollar
104 0 3
Talking Points
• U.S. Retail Sales Figures Disappoint at 0.1%
• The GBP/USD             tests resistance at 1.5250
Bullish breakouts begin over 1.5270

The GBPUSD             , has held its 40 pip range this morning after a disappointing set of Advanced Retail Sales figures being released this morning. Expectations for the event were set at 0.3%, and released at an actual 0.1% for the month of October. This event quickly caused a selloff of the US Dollar             and pushed the GBP/USD             to today’s range resistance which is found at a price of 1.5250. So far the pair has been unable to breakout higher at this point, but if prices continue to rally traders will begin looking for a bullish breakout above the R4 pivot point which is found at a price of 1.5270. Traders looking for a breakout can begin targeting prices near 1.5310 using a 1x extension of the previously mentioned trading range.

If range bound conditions continue, it would represent the 4th day of consolidation for the GBP/USD             out of 5 trading days this week. If these current market conditions continue, traders would expect prices to remains supported above the S3 pivot point, which represents range support at a price of 1.5210. Alternatively, in the event that support falls, traders may begin to look for a bearish breakout below the S4 pivot point at 1.5190. A move to this value would be significant as it would suggest the end of the current range bound conditions, and allow for traders to begin targeting a lower low for the first time this week.
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