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Forex Strategy: GBP/USD Trend Reversal Ahead?

Forex Strategy: GBP/USD Trend Reversal Ahead?

2014-02-18 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines preferred until trend change confirmed
  • Former resistance-turned support helping to hold prices up at 1.6660

The GBP/USD has erased some of its recent gains following a fading of upside momentum and a test of 1.6820. We have not seen the emergence of a specific bearish reversal candlestick pattern on the daily which obfuscates a bearish bias for the pair. Further price action is needed to help confirm whether a more meaningful change in the trend is afoot.

Resistance-turned-support at 1.6660 is helping to hold prices up at this stage. A move below support would likely see buyers emerge at the psychologically significant 1.6600 level.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_GBPUSD_Advances_Further_Post_Hammer_Candle_body_Picture_1.png, Forex Strategy: GBP/USD Trend Reversal Ahead?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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