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 Finds Few Cues From Candles As Sideways Drift Continues

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Hanging Man Fails To Find Follow-Through
  • Awaiting Clearer Directional Signals For Guidance

GBP/USD continues to cling to the 1.6270/80 mark as traders look past a Hanging Man formation on the daily. The lackluster response to the bearish reversal signal casts some doubt on the potential for pullback. Yet against the backdrop of a downtrend on the daily a recovery is also questionable. On balance this suggests a consolidation may ensue, and leaves a more constructive setup desired before adopting fresh positioning.

GBP/USD: Traders Look Past Bearish Reversal Pattern

GBP/USD Finds Few Cues From Candles As Sideways Drift Continues

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

Choppy price action alongside a pair of Dojis in intraday trade indicates indecision amongst traders. Selling pressure remains evident at the 1.6290 barrier, yet a void of bearish patterns does little to strengthen the case for a correction.

GBP/USD: Dojis Denote Indecision Near Intraday Resistance

GBP/USD Finds Few Cues From Candles As Sideways Drift Continues

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.

Latest Topics in the DailyFX Forums

GBP and JPY Pairs
by carthage
Today at 17:34
GBP and JPY Pairs
by tradetime
Today at 17:18
EURUSD
by Raoul78
Today at 16:46
GBP and JPY Pairs
by Lukman Otunuga
Today at 16:19

Resources