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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • Heads Up:🇺🇸 USD Retail Sales Control Group (OCT) due at 13:30 GMT (15min), Actual: N/A Expected: 0.3% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2019-11-15
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.23% 🇳🇿NZD: 0.20% 🇪🇺EUR: 0.10% 🇬🇧GBP: -0.00% 🇨🇭CHF: -0.20% 🇯🇵JPY: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HQHe3WTkQA
  • Heads Up:🇺🇸 USD Retail Sales Ex Auto and Gas (OCT) due at 13:30 GMT (15min), Actual: N/A Expected: 0.3% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2019-11-15
  • Heads Up:🇺🇸 USD Retail Sales Advance (MoM) (OCT) due at 13:30 GMT (15min), Actual: N/A Expected: 0.2% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2019-11-15
  • Heads Up:🇺🇸 USD Export Price Index (YoY) (OCT) due at 13:30 GMT (15min), Actual: N/A Expected: N/A Previous: -1.6% https://www.dailyfx.com/economic-calendar#2019-11-15
  • Heads Up:🇺🇸 USD Import Price Index ex Petroleum (MoM) (OCT) due at 13:30 GMT (15min), Actual: N/A Expected: -0.1% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2019-11-15
  • President Trump’s USD 50bln China farm deal ‘not possible’ after trade war market shift - SCMP https://t.co/j3UxBQwe9Q
  • The $USD enjoyed support from haven demand through most of 2019. Investors may now be attracted by its yield advantage as global market mood improves. Get your market update from @IlyaSpivak here:https://t.co/VqM4kinKYJ https://t.co/WlgM16VBwm
  • 🤔 https://t.co/eB0Hlcq57u
  • Ireland's Varadkar says it would be difficult but not impossible to negotiate UK-EU trade deal by the end of 2020 $GBP
GBP/USD Dark Cloud Cover Warns Of Correction Near Key Resistance

GBP/USD Dark Cloud Cover Warns Of Correction Near Key Resistance

2014-05-23 08:14:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • GBP/USD Technical Strategy: Pending Short
  • Dark Cloud Cover emerges following pullback from 1.6900
  • Bullish reversal signal absent on four hour chart

GBP/USDhas given back some of its recent gains following a failure to crack the critical 1.6900 handle. The pullback has prompted the emergence of a Dark Cloud Cover candlestick pattern which suggests a potential bearish reversal. However, the formation awaits confirmation from an ensuing down-day, which if witnessed, could put 1.6760 back on the cards.

GBP/USD: Fails To Close Above Key Resistance At 1.6900

GBP/USD Dark Cloud Cover Warns Of Correction Near Key Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

Examining intraday price action; the Harami near 1.6900 suggested some hesitation from traders near the noteworthy level of resistance. The failure to close above 1.6900 indicates the bulls have seemingly lost their grip on prices and at this stage seem unprepared to return, given a reversal signal is seemingly absent.

GBP/USD: Bulls Lacking Enough Conviction To Push Through 1.6900

GBP/USD Dark Cloud Cover Warns Of Correction Near Key Resistance

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

News & Analysis at your fingertips.