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GBP/USD Retreats As Dark Cloud Cover Formation Offers Warning Signal

GBP/USD Retreats As Dark Cloud Cover Formation Offers Warning Signal

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: pending short
  • Dark Cloud Cover formation in intraday trade offers warning
  • Shooting Star looks to be forming on the daily

GBP/USD is giving back some ground after staging an exceptional run to its 2014 high near 1.6820 in recent trading. The retreat by the bulls looks to be prompting a Shooting Star pattern to form during intraday trade. However, the candle has yet to close and receive confirmation from a successive down period before being validated.

GBP/USD: Bulls Make A Run on 2014 High

GBPUSD-Retreats-As-Dark-Cloud-Cover-Formation-Offers-Warning-Signal_body_Picture_3.png, GBP/USD Retreats As Dark Cloud Cover Formation Offers Warning Signal

Daily Chart - Created Using FXCM Marketscope 2.0

Examining intraday price action using the four hour chart below; there are signs the bears are re-emerging. A Dark Cloud Cover formation near resistance at 1.6815 is suggesting a potential dip towards 1.6750 in the session ahead.

GBP/USD: Dark Cloud Cover Offers Warning

GBPUSD-Retreats-As-Dark-Cloud-Cover-Formation-Offers-Warning-Signal_body_Picture_2.png, GBP/USD Retreats As Dark Cloud Cover Formation Offers Warning Signal

4 Hour Chart - Created Using FXCM Marketscope 2.0

This week’s gains for the pound have acted to negate the Dark Cloud Cover formation that had appeared near multi-year resistance for GBP/USD. The rally has arisen following a Piercing Line pattern which signaled the bulls were returning to the Cable.

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

GBPUSD-Retreats-As-Dark-Cloud-Cover-Formation-Offers-Warning-Signal_body_Picture_1.png, GBP/USD Retreats As Dark Cloud Cover Formation Offers Warning Signal

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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