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GBP/USD Dips As Doji On Daily Indicates Bulls In Doubt

GBP/USD Dips As Doji On Daily Indicates Bulls In Doubt

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: pending short
  • Dark Cloud Cover formation in intraday trade offers warning
  • Doji on the daily suggests bulls in Doubt

GBP/USD is giving back some ground after staging an exceptional run to its 2014 high near 1.6820 in recent trading. This has prompted a Doji candlestick to form which is signaling some indecision amongst traders. A successive down-day would suggest a potential correction to prior resistance-turned support at 1.6660/2

GBP/USD: Doji Suggests Bulls In Doubt

GBPUSD-Dips-As-Doji-On-Daily-Indicates-Bulls-In-Doubt_body_Picture_3.png, GBP/USD Dips As Doji On Daily Indicates Bulls In Doubt

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 indicating the potential for further declines. A break below support at 1.6750 would likely open a fall to 1.6680.

GBP/USD: Dark Cloud Cover Offers Warning

GBPUSD-Dips-As-Doji-On-Daily-Indicates-Bulls-In-Doubt_body_Picture_2.png, GBP/USD Dips As Doji On Daily Indicates Bulls In Doubt

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-Dips-As-Doji-On-Daily-Indicates-Bulls-In-Doubt_body_Picture_1.png, GBP/USD Dips As Doji On Daily Indicates Bulls In Doubt

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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