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GBP/USD Bulls Hesitate Near Critical Resistance With Doji On The Daily

GBP/USD Bulls Hesitate Near Critical Resistance With Doji On The Daily

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Longs Preferred
  • Doji on the daily highlights hesitation from the bulls
  • Traders await a bearish reversal signal to suggest a correction

After teasing at a test of the critical 1.6870 mark in recent trading, the Pound continues to struggle resulting in the formation of a Doji candlestick on the daily. The pattern represents some hesitation from the bulls however it is not enough to suggest a correction at this stage.

GBP/USD: Struggles Below 1.6870

GBP/USD Bulls Hesitate Near Critical Resistance With Doji On The Daily

Daily Chart - Created Using FXCM Marketscope 2.0

Intraday price action reveals a drawn-out struggle between the bulls and bears between 1.6750 and 1.6840. While it appeared that the bulls had won out following the pop above 1.6840, the pair was quick to retrace much of its gains signaling a lack of conviction amongst traders.

GBP/USD: Awaits A Reversal Signal In Intraday Trade

GBP/USD Bulls Hesitate Near Critical Resistance With Doji On The Daily

4 Hour Chart - Created Using FXCM Marketscope 2.0

The Piercing Line pattern on the weekly helped to herald the return of the bulls. The perspective from the daily chart helps highlight the significance of the recent breakout to multi-year highs.

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

GBP/USD Bulls Hesitate Near Critical Resistance With Doji On The Daily

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.