GBP/USD Resumes Descent Amid Absence Of Bullish Candlesticks
DailyFX.com -
Talking Points
GBP/USD Technical Strategy: Sidelines Preferred
Lack of Bullish Signals Keeps Risks Lower
H4 Morning Star Hinted At An Intraday Turn
GBP/USD has returned to its downward trajectory with a lack of bullish candlesticks casting the immediate risks lower for the pair. The close below the 1.6215 floor warns of a retest of the 2014 lows near 1.6060.
GBP/USD: Bears Return As Reversal Signals Left Lacking
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart offered an early indication of a potential pullback for the Pound. A Dark Cloud Cover candlestick pattern near 1.6275 suggests the bears have wrestled control of prices. This puts the spotlight on intraday buying support at the 1.6150 mark.
GBP/USD: Dark Cloud Cover Warned Of Intraday Retreat
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.