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GBP/USD Bulls Hesitate Near 2014 High As Doji Candlesticks Form

GBP/USD Bulls Hesitate Near 2014 High As Doji Candlesticks Form

2014-04-09 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: sidelines preferred
  • Break above key resistance levels puts 2014 highs in sight
  • Dojis in intraday trade suggest hesitation by the bulls

GBP/USD is giving back some ground after staging an exceptional run towards its 2014 highs near 1.6770 in recent trading. While the bulls are taking a bit of a breather, a bearish reversal signal that could warn of a potential correction is yet to emerge.

GBP/USD: Bulls Make A Run on 1.6770

GBPUSD-Bulls-Hesitate-Near-2014-High-As-Dojis-Candlesticks-Form_body_Picture_3.png, GBP/USD Bulls Hesitate Near 2014 High As Doji Candlesticks Form

Daily Chart - Created Using FXCM Marketscope 2.0

Examining intraday price action using the four hour chart below; signs of hesitation by the bulls are evident with several Doji formations near resistance at 1.6750. If a correction takes place, expect some buying support to emerge near the 1.6680 mark.

GBP/USD: Dojis Signal Hesitation By The Bulls

GBPUSD-Bulls-Hesitate-Near-2014-High-As-Dojis-Candlesticks-Form_body_Picture_2.png, GBP/USD Bulls Hesitate Near 2014 High As Doji Candlesticks Form

4 Hour Chart - Created Using FXCM Marketscope 2.0

The ominous Dark Cloud Cover formation on the weekly at multi-year resistance also remains on the radar, and is threatening a more significant correction ahead for the Pound. A potential target is offered by the 23.6% Fib Retracement Level near 1.6350. However, a Piercing Line pattern has also recently emerged and although it awaits confirmation, it suggests the bulls haven’t given up on the pair just yet.

GBP/USD: Bulls Return As Piercing Line Forms on Weekly

GBPUSD-Bulls-Hesitate-Near-2014-High-As-Dojis-Candlesticks-Form_body_Picture_1.png, GBP/USD Bulls Hesitate Near 2014 High As Doji Candlesticks Form

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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