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GBP/USD Evening Star Suggests Intraday Dip As Recovery Stalls

GBP/USD Evening Star Suggests Intraday Dip As Recovery Stalls

2014-05-13 11:49:00
David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Key support remains at the critical 1.6820 mark
  • Evening Star in intraday trade warns of a dip

GBP/USDhas bounced off key support at 1.6820 after posting some modest declines on the back of a Harami candlestick pattern. Given the absence of a bullish reversal signal on the daily and nearby resistance at 1.6900, the pair may struggle to continue its recovery.

GBP/USD: Struggles Below 1.6900 Following Harami Pattern

GBP/USD Evening Star Suggests Intraday Dip As Recovery Stalls

Daily Chart - Created Using FXCM Marketscope 2.0

The four hour chart suggests some cause for concern. Following a retest of the ascending trendline and noteworthy resistance at 1.6900 an Evening Star pattern has formed. The reversal signal suggests the potential for an intraday dip back to the 1.6820/30 mark.

GBP/USD: Recovery Stalls At 1.6990

GBP/USD Evening Star Suggests Intraday Dip As Recovery Stalls

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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