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GBPUSD: Candles Hint at Upswing Ahead

GBPUSD: Candles Hint at Upswing Ahead

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

GBPUSD put in a Bullish Engulfing candlestick pattern above falling trend line resistance-turned-support at from late October, hinting a move higher is ahead. Confirmation is needed on a break of a minor channel top set from the February 29 high, which would initially expose the 23.6% Fibonacci expansion at 1.5781. Risk/reward considerations argue against entering a trade here with resistance at such close proximity and we will remain on the sidelines for now until something more attractive presents itself.

GBPUSD_Candles_Hint_at_Upswing_Ahead_body_Picture_5.png, GBPUSD: Candles Hint at Upswing Ahead

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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