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GBP/USD: Bearish Reversal Hinted at Channel Top

GBP/USD: Bearish Reversal Hinted at Channel Top

2010-07-30 08:41:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Short

GBPUSD has stalled ahead of the upper boundary of a rising channel set from the lows in May, with prices showing a Shooting Star formation followed by another Doji candlestick and bolstered by negative RSI divergence to hint that a downswing is ahead. Still, additional confirmation is required and we will look for a conclusive bearish daily candle to position for a short.

candles_073010_gbp_body_073010_GBP.png, GBP/USD: Bearish Reversal Hinted at Channel Top

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To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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