GBP/USD Eyes 1.7040 in Absence of Bearish Candlesticks Signal
- GBP/USD Technical Strategy: Longs Preferred
- Missing reversal signal opens extension to 1.7040
- IntradayDoji suggests selling pressure near 1.6990
GBP/USD’s modest pullback in recent trading has failed to elicit a key reversal pattern. This may preclude a material correction for the pair and suggests the potential for an extension to the August 2009 high at 1.7040.
GBP/USD: Targeting 1.7040 In Absence of Bearish Signal
Daily Chart - Created Using FXCM Marketscope 2.0
Intraday price action on the four hour chart suggests sellers likely remain at the 1.6990 mark. 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
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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