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 Drops Below 1.60 After Bulls Showed Exhaustion Near Range-Top

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Doji Highlighted Hesitation From The Bulls Near 1.6170
  • Pullback Below 1.6000 Opens Revisit Of 1.5880

GBP/USD’s woes may be set to continue with bullish reversal signals lacking for the pair. This follows a Doji formation near the 1.6170 range-top, which suggested hesitation from the bulls. Downside risks are centered on the 2014 lows near 1.5880.

GBP/USD: Doji Denoted Indecision At Critical Barrier

GBP/USD Drops Below 1.60 After Bulls Showed Exhaustion Near Range-Top

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

A Harami on the four hour chart offered an early warning of a potential correction. The slide under 1.5995 amid an absence of bullish signals suggests the potential for further weakness to 1.5880.

GBP/USD: Void of Bullish Reversal Patterns Casts Risks Lower

GBP/USD Drops Below 1.60 After Bulls Showed Exhaustion Near Range-Top

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 JerryPan
Today at 05:18
Elliott Wave Trading Discussi...
by Luxuriant
Today at 05:18
GBP and JPY Pairs
by JerryPan
Today at 05:06
Elliott Wave Trading Discussi...
by brad_1199
Today at 02:07

Resources