News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Rally Stalls Near 1.7000 As Doji Forms In Intraday Trade

GBP/USD Rally Stalls Near 1.7000 As Doji Forms In Intraday Trade

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Longs Preferred
  • Hammer finds little-follow through following test of support
  • Doji suggests selling pressure near 1.6990

GBP/USDgave back some of its recent gains prompting the emergence of a Hanging Man formation on the daily. However, the reversal pattern has failed to find follow-through given the strong buying support at the prior breakout point at 1.6870. With a reversal signal now seemingly lacking, the pair may be primed to push towards its August 2009 high at 1.7040.

GBP/USD: Buyers Emerge Near Key Support

GBP/USD Rally Stalls Near 1.7000 As Doji Forms In Intraday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

Intraday price action on the four hour chart suggests sellers are likely sitting at the 1.6990 handle. This is made evident by a Doji formation and suggests longs may be better served on a break higher.

GBP/USD: Rally Stalls At 1.6990

GBP/USD Rally Stalls Near 1.7000 As Doji Forms In Intraday Trade

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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

DISCLOSURES