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GBP/USD Scope For Further Gains With Bearish Pattern Absent

GBP/USD Scope For Further Gains With Bearish Pattern Absent

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Longs Preferred
  • Daily close 1.7000 suggests conviction amongst bulls
  • Missing bearish reversal pattern suggestsscope for gains

The stage was set for a push to multi-year highs for GBP/USD after the daily chart failed to yield a key reversal pattern near 1.7000. A daily close above the 1.7040 mark would signal strong conviction amongst the bulls and a push to the next psychologically-significant level at 1.71000.

GBP/USD: Primed For Further Gains In Absence of Bearish Pattern

GBP/USD Scope For Further Gains With Bearish Pattern Absent

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; a key reversal pattern remains absent, suggesting the potential for a continued push higher.

GBP/USD: Reversal Signals Missing In Intraday Trade

GBP/USD Scope For Further Gains With Bearish Pattern Absent

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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