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GBP/USD Primed To Push Higher In Absence of Reversal Signal

GBP/USD Primed To Push Higher In Absence of Reversal Signal

2014-05-01 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Longs Preferred
  • Gains may be set to continue with bearish candle lacking
  • Daily close to open advance on August 2009 high at 1.7040

GBP/USD is edging out fresh multi-year highs ahead of the European session. With a bearish reversal signal absent, a close of the candle above resistance at 1.6870 would suggest an extended advance to the August 2009 high.

GBP/USD: Close Above 1.6870 To Open 1.7040

GBP/USD Primed To Push Higher In Absence of Reversal Signal

Daily Chart - Created Using FXCM Marketscope 2.0

Intraday price action on the four hour chart reveals the bulls have finally taken charge of prices following a drawn out struggle below the 1.6855 mark. With a bearish candlestick pattern lacking the Pound may be primed to push past 1.6900.

GBP/USD: Bulls Take Charge As Prices Push Multi-Year Highs

GBP/USD Primed To Push Higher In Absence of Reversal Signal

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 Primed To Push Higher In Absence of Reversal Signal

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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