Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account
DailyFX Home / Forex Technical Analysis / Forex Candlestick Summary

Forex Candlestick Summary

Symbol Trend Bias Time Frame Candlestick Formation Candle Bias Chart Links

GBP/USD Retests Range-Top As Reversal Signal Emerges In Intraday Trade

Talking Points

  • Strategy: Flat, Awaiting Break Outside Recent Range
  • Reversal Candlestick Formations Lacking On The Daily
  • Hanging Man On H4 Casts Risks Lower In Intraday Trade

GBP/USD has once again brushed the upper-bounds of its recent range. Yet with definitive bearish reversal signals absent on the daily, a pullback is questionable. Thissuggests the pair’s consolidation may be set to continue. A break of the narrow corridor would be required to offer a clearer directional bias.

GBP/USD: Awaits Break From Recent Range To Offer A Clearer Bias

GBP/USD Retests Range-Top As Reversal Signal Emerges In Intraday Trade

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

The four hour timeframe presents a slightly more attractive setup. A Hanging Man formation near 1.5800 has received confirmation from a successive down-period and in turn may suggest a retreat over the session ahead.

GBP/USD: Hanging Man Emerges Near Range-Top

GBP/USD Retests Range-Top As Reversal Signal Emerges In Intraday Trade

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

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.

Latest Topics in the DailyFX Forums

GBP and JPY Pairs
by ARB/LSD
Today at 01:40
EURUSD
by coolpartner
Today at 00:31
EURUSD
by tomtom944
Today at 00:28
EURUSD
by biggari
Yesterday at 23:24

Resources