GBPUSD Midweek Reversal: Forex Chart Markups, 6 July 2026

The GBPUSD midweek reversal of 8 July 2026 began with a W formation in London. The low of the week printed at 1.33219 at 05:15 New York, and price rallied 88 pips that day and 130 by Friday. AUDUSD turned in the same candle, and NZDUSD, USDCHF and USDJPY made their own Wednesday traps. In all we marked up five weekly cycles, 5 textbook setups and 8 partials.

The week in brief

• Markets: the seven forex majors and gold (XAUUSD, counted at 1 pip = $1), on 15-minute and 1-hour candles.
• Daily setups: 5 textbook and 8 partial.
• Weekly cycle: 5 of 8 markets turned midweek (GBPUSD, USDJPY, USDCHF, AUDUSD and NZDUSD).
• Setup of the week: GBPUSD on Wednesday, W formation, 4 of 8 on confluence: 88 pips that day, 130 on the week.
• News in sync with a stop hunt: USD ISM Services PMI.

GBPUSD midweek reversal: how to read these chart markups

If this is your first markup, read it backwards. We are not asking where price will go. We are asking where the crowd has put its orders, because retail education puts them in the same places every week: stops above the highs, stops below the lows, breakout orders just past both. On each chart the blue box is the Asian range, the bands of red crosses are retail stop losses, the hatched zone is the stop hunt, and the header shows the pips the reversal made. How to Read a Forex Chart Markup explains every mark.

The week at a glance: confluence ranking

Every daily setup of the week on one page, best first. The score is a tally of the eight confirmations the method lists, and the last column says what the rest of the week did with each level. EURUSD leads with 5 of 8.

The weekly cycle: induction, trap, reversal

The weekly cycle is the bigger picture behind every daily setup: an induction trend early in the week, the high or low of the week on Tuesday or Wednesday, then the reversal. We only draw it when the week actually turned, and each chart carries a checklist of which parts held. The idea is laid out in How to Read a Forex Chart Markup.

NZDUSD · 122-pip reversal. The trap printed the low of the week at 0.56709 in Wednesday's session (Tuesday 17:30 New York), and the reversal ran 122 pips to 0.57926 by Friday. 4 of 4 textbook checks held.

GBPUSD · 130-pip reversal. The trap printed the low of the week at 1.33219 on Wednesday 05:15 New York, and the reversal ran 130 pips to 1.34514 by Friday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Tue ranged instead of trending.

USDCHF · 78-pip reversal. The trap printed the high of the week at 0.81077 on Wednesday 11:45 New York, and the reversal ran 78 pips to 0.80302 by Friday. 3 of 4 textbook checks held; the miss: the reversal gave back 97% of the induction.

AUDUSD · 63-pip reversal. The trap printed the low of the week at 0.69060 on Wednesday 05:15 New York, and the reversal ran 63 pips to 0.69693 by Friday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Tue ranged instead of trending.

USDJPY · 143-pip reversal. The trap printed the high of the week at 162.708 on Wednesday 11:30 New York, and the reversal ran 143 pips to 161.281 by Friday. 3 of 4 textbook checks held; the miss: the reversal gave back 99% of the induction.

No weekly cycle chart for EURUSD, USDCAD and Gold (XAUUSD): those markets did not make a midweek high or low and then reverse by at least 1.25 average daily ranges.

Setup of the week: GBPUSD W formation, 8 July 2026

GBPUSD spent the Asian session in a 24-pip range between 1.33420 and 1.33657. London then broke the low of that range by 3 pips, to 1.33386 at 04:30 New York: the breakdown the crowd sells. Price pulled back to a neckline at 1.33515, then ran a second leg to 1.33219 at 05:15 New York, 17 pips past the first leg. That second leg is the stop hunt. It took the stops resting below the first leg and trapped everyone who sold the new low. From there price reversed 88 pips to 1.34101 in 8h, through the whole Asian range.

Now read it in reverse. At each of those prices, whose orders were waiting?

Where the retail stops were

• Buyers' stops below the Asian low, 1.33420: taken by the first leg.
• Sellers' stops above the neckline, 1.33515: taken as the reversal broke it.
• Sellers' stops above the Asian high, 1.33657: taken as the reversal cleared the range.

The trade. The method buys against the breakout, on the second leg at the low of the day (1.33219). The stricter trigger, the first 15-minute close back inside, came with 22 pips of risk to the extreme and 66 pips to the high of the day, about 1 to 3.0. The method skips anything under 1 to 3, so from that trigger this one qualifies. These numbers are measured after the fact from 15-minute candles.

Confirmations: 4 of 8. It had a clear Asian range, a second-leg stop hunt, a Tuesday or Wednesday date and the high or low of the week. Missing: a hunt at a session open, the previous day's level taken, high-impact news in sync and induction from the week's open. It is the low of the week.

The rules for this pattern are in How to Read a Forex Chart Markup. For another W formation, on EURUSD, see EURUSD midweek reversal, week of 22 June 2026.

Textbook setups, day by day

A setup is textbook when the reversal clears the whole Asian range, or runs at least three quarters of the pair's average daily range. The daily cycle behind all of them, Asia consolidating, London breaking out and the reversal after, is covered in How to Read a Forex Chart Markup.

Tuesday · USDCAD · New York stop hunt (42 pips). New York took the stops above the Asian high at 1.42258 (09:00 New York); price reversed 42 pips, through the whole Asian range. Confluence 4 of 8. The high held for the rest of the week.

Tuesday · Gold (XAUUSD) · M formation (88 pips). The second leg took the stops above the first leg at 4180.23 (09:30 New York); price reversed 88 pips, through the whole Asian range. Confluence 3 of 8. The high held for the rest of the week.

Wednesday · EURUSD · Both sides hunted (41 pips). London took the stops above the Asian high at 1.14315 (03:30 New York); price reversed 41 pips, through the whole Asian range. Then the other side was hunted at 11:30 New York, 7 pips under the Asian low. Confluence 3 of 8. Thursday traded back through it.

Friday · USDCAD · New York stop hunt (42 pips). New York took the stops below the Asian low at 1.41171 (12:30 New York); price reversed 42 pips, back inside the Asian range. Confluence 2 of 8. It was the low of the week.

Partial setups: the structure without the follow-through

These printed the structure, but the reversal stalled inside the Asian range. They are worth studying for exactly that reason: the trap was real and the payoff was small.

Monday · NZDUSD · W formation (28 pips). The second leg took the stops below the first leg at 0.56764 (08:30 New York); price reversed 28 pips, back inside the Asian range. Confluence 3 of 8. Its low became the target of the weekly trap.

Monday · USDCAD · M formation (37 pips). The second leg took the stops above the first leg at 1.42383 (08:45 New York); price reversed 37 pips, back inside the Asian range. Confluence 4 of 8. It was the high of the week.

Monday · USDCHF · M formation (26 pips). The second leg took the stops above the first leg at 0.80728 (10:30 New York); price reversed 26 pips, back inside the Asian range. Confluence 2 of 8. Tuesday traded back through it.

Wednesday · AUDUSD · W formation (33 pips). The second leg took the stops below the first leg at 0.69060 (05:15 New York); price reversed 33 pips, back inside the Asian range. Confluence 4 of 8. It was the low of the week.

Wednesday · USDCAD · W formation (41 pips). The second leg took the stops below the first leg at 1.41545 (05:45 New York); price reversed 41 pips, back inside the Asian range. Confluence 3 of 8. Thursday traded back through it.

Wednesday · USDCHF · New York stop hunt (36 pips). New York took the stops above the Asian high at 0.81077 (11:45 New York); price reversed 36 pips, back inside the Asian range. Confluence 3 of 8. It was the high of the week.

Thursday · USDCAD · London stop hunt (31 pips). London took the stops above the Asian high at 1.41892 (05:00 New York); price reversed 31 pips, back inside the Asian range. Confluence 1 of 8. The high held for the rest of the week.

Friday · Gold (XAUUSD) · W formation (48 pips). The second leg took the stops below the first leg at 4072.59 (10:30 New York); price reversed 48 pips, back inside the Asian range. Confluence 3 of 8. The low held for the rest of the week.

Daily and weekly confluence, pair by pair

Each chart pins a pair's daily setups on its hourly chart for the week. The solid line is the move that day, the dashed line is how far it ran before the level was traded back through, and a gold band marks a weekly reversal. The table under each chart ticks the confirmations.

EURUSD. 2 setups, best 5 of 8 (Wednesday, W off the low). No midweek reversal.

GBPUSD. 1 setup, best 4 of 8 (Wednesday, W off the low).

USDCHF. 2 setups, best 3 of 8 (Wednesday, New York stop hunt at the high).

AUDUSD. 1 setup, best 4 of 8 (Wednesday, W off the low).

USDCAD. 5 setups, best 4 of 8 (Monday, M off the high). No midweek reversal.

NZDUSD. 1 setup, best 3 of 8 (Monday, W off the low).

Gold (XAUUSD). 2 setups, best 3 of 8 (Tuesday, M off the high). No midweek reversal.

What this week teaches about reverse price action

Wednesday is where the week is decided, and this one showed why. For two days GBPUSD went nowhere, which builds stops on both sides of a range. London on Wednesday pushed under the range, formed a first leg, pulled back, and then took the stops under that first leg. Everyone who sold the breakdown was short at the low of the week. Reverse price action is reading that sequence as it forms: the breakdown is the bait, the second leg is the hunt, and the reversal is the point.

On the news itself: the event gives the crowd its reason, and the chart shows where the orders already were.

Frequently asked questions

What was the best forex setup in the week of 6 July 2026?

By confluence, EURUSD on Wednesday: a W off the low that scored 5 of 8. It moved 39 pips that day and 70 on the week. It was the low of the week.

Was there a midweek reversal in the week of 6 July 2026?

Yes, on 5 of the 8 markets we track: GBPUSD, USDJPY, USDCHF, AUDUSD and NZDUSD. The largest was NZDUSD, 122 pips from the low of the week at 0.56709.

What is the midweek reversal?

The midweek reversal is the turn in the weekly cycle. The first days of the week trend one way (the induction), the high or low of the week prints on Tuesday or Wednesday (the trap), and price reverses through Wednesday, Thursday and Friday.

What is the difference between a textbook and a partial setup?

A setup is graded textbook when the reversal clears the whole Asian range or runs at least three quarters of the pair's average daily range. It is partial when the structure printed but the reversal stalled inside the range.

Related chart markups

• Previous week: USDCHF M formation, week of 29 June 2026
• Next week: USDJPY W formation, week of 13 July 2026
• EURUSD midweek reversal, week of 22 June 2026: another W formation, on EURUSD
• USDCAD midweek reversal, week of 17 August 2026: another W formation, on USDCAD
• GBPUSD W formation, week of 11 May 2026: the same W formation on GBPUSD
• All forex chart markups, week by week
• How to Read a Forex Chart Markup: what every mark on these charts means

Learn to read the chart this way. The Forexia Academy courses cover the Asian range, M and W formations and the weekly cycle step by step. Browse the courses.

These chart markups are made after the fact, for study. They are not signals and not trade advice. Candles: Dukascopy. Economic calendar: FXStreet. All times are New York. Stop-loss positions are the method's reading of the structure, not order-book data.