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GBP/USD Bulls Retreat Following Doji Near Critical Resistance

GBP/USD Bulls Retreat Following Doji Near Critical Resistance

2014-04-14 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Bulls retreat following Doji formation on the daily
  • Four hour chart provides mixed technical signals

GBP/USD is giving back some ground after staging an exceptional run to its 2014 high near 1.6820 last week. This has prompted a Doji candlestick to form which is signaling some indecision amongst traders. The posting of pursuant down-day provides further conviction to a bearish bias, and suggests a potential dip to prior resistance-turned support at 1.6660/2

GBP/USD: Doji Suggests Bulls In Doubt

GBPUSD-Bulls-Retreat-Following-Doji-Near-Critical-Resistance_body_Picture_3.png, GBP/USD Bulls Retreat Following Doji Near Critical Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

Examining intraday price action using the four hour chart; a Dark Cloud Cover formation near resistance at 1.6815 suggests a bearish bias, however the recent emergence of a Piercing Line pattern offers a conflicting signal. Given that former support-turned-resistance is looming nearby at 1.6750, intraday gains may prove limited.

GBP/USD: Facing Mixed Signals In Intraday Trade

GBPUSD-Bulls-Retreat-Following-Doji-Near-Critical-Resistance_body_Picture_2.png, GBP/USD Bulls Retreat Following Doji Near Critical Resistance

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. 1.6770 remains a critical level of resistance for the GBP/USD, given it has failed to close above the mark since 2008.

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

GBPUSD-Bulls-Retreat-Following-Doji-Near-Critical-Resistance_body_Picture_1.png, GBP/USD Bulls Retreat Following Doji Near Critical Resistance

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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