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GBP/USD Bulls Retreat After Doji On The Daily

GBP/USD Bulls Retreat After Doji On The Daily

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Pending Short
  • Dojinear key resistance suggests hesitation from traders
  • Shooting Star pattern offered early warning in intraday trade

GBP/USD is at a critical juncture as the pair trades shy of the psychologically-significant 1.7000 handle. While a Doji has formed on the daily, it may not be sufficient to suggest a correction at this stage. A pullback is likely to be met by buying support at the 1.6900 mark.

GBP/USD: Doji Offers Sign of Hesitation By Bulls

GBP/USD Bulls Retreat After Doji On The Daily

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, the Shooting Star formation near 1.7000 offered an early warning of a retreat for GBP/USDin yesterday’s trading. However, several Dojis now suggest the bears are hesitant to push prices lower leaving a mixed technical bias based on candlestick analysis for the pair over the session ahead.

GBP/USD: Shooting Star Offered Early Warning of Retreat

GBP/USD Bulls Retreat After Doji On The Daily

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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