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GBPUSD: Candle Setup Hints at Upswing

GBPUSD: Candle Setup Hints at Upswing

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

GBPUSD put in a Bullish Engulfing candlestick pattern above resistance-turned-support at the upper boundary of a wedge chart formation carved out since mid-January, hinting a bounce higher is ahead. Near-term resistance lines up at 1.6291 at a major falling trend line that has capped the upside since late April 2011. Near-term wedge top support is now at 1.6153. We will stand aside for now and see how prices react on a re-test of the key resistance before entering a trade.

GBPUSD_Candle_Setup_Hints_at_Upswing_body_Picture_5.png, GBPUSD: Candle Setup Hints at Upswing

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

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

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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