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GBP/USD Aiming Lower With Reversal Candlestick Missing

GBP/USD Aiming Lower With Reversal Candlestick Missing

2014-05-15 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Break of key support puts 1.6660/2 on the cards
  • Bounce looks doubtful with reversal signals lacking

GBP/USD’s drop below the critical 1.6820 mark signals the bears have taken control of prices in recent trading, which follows on from the Harami pattern near 1.7000. With a bullish reversal candlestick pattern seemingly absent on the daily and four hour charts, a continued correction to support at 1.6662 looks likely.

GBP/USD: Struggles Below 1.6900 Following Harami Pattern

GBP/USD Aiming Lower With Reversal Candlestick Missing

Daily Chart - Created Using FXCM Marketscope 2.0

Examining intraday price action in more detail there are few signs of a bounce in the session ahead with a bullish candlestick missing. Buyers may be prepared to support prices at the 1.6700/5 mark.

GBP/USD: Set To Continue Declines With Bullish Signal Missing

GBP/USD Aiming Lower With Reversal Candlestick Missing

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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