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Forex Strategy - GBP/USD Falls May Continue Post Shooting Star Candle

Forex Strategy - GBP/USD Falls May Continue Post Shooting Star Candle

2014-03-11 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts preferred
  • Failure to break above range-top offers bearish bias
  • Shooting Star warns that recent declines may continue

A Shooting Star candlestick on the daily chart for GBP/USD near a critical multi-year resistance level is warning of a correction for the pair. The formation has received confirmation from a successive down day and in tandem with a shift in the trend (signaled by the 20 SMA) a bearish technical bias is offered.

Buying support is likely to emerge near the psychologically-significant 1.6600 handle, which also forms the 38.2% Fib Retracement level. However, the bulls may struggle to push the Pound higher as signaled by the lack of confirmation for a Hammer formation on the four hour chart during intraday trade.

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

Forex_Strategy_-_GBPUSD_Falls_May_Continue_Post_Shooting_Star_Candle_body_Picture_3.png, Forex Strategy - GBP/USD Falls May Continue Post Shooting Star Candle

4 Hour Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_GBPUSD_Falls_May_Continue_Post_Shooting_Star_Candle_body_Picture_2.png, Forex Strategy - GBP/USD Falls May Continue Post Shooting Star Candle

Daily Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_GBPUSD_Falls_May_Continue_Post_Shooting_Star_Candle_body_Picture_1.png, Forex Strategy - GBP/USD Falls May Continue Post Shooting Star Candle

Weekly 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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