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GBP/USD Dark Cloud Cover Pattern Offers Warning Near Key Level

GBP/USD Dark Cloud Cover Pattern Offers Warning Near Key Level

2014-06-23 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Pending Long
  • Daily close above 1.7000 suggests conviction amongst bulls
  • Dark Cloud Cover pattern awaiting confirmation on the daily

GBP/USD’s retreat from the 1.7040 mark has yielded a Dark Cloud Cover pattern, which offers an ominous warning for the pair. However, at this stage the key reversal candlestick formation requires confirmation from a successive down-period to help validate the signal.

GBP/USD: Dark Cloud Cover Emerges

GBP/USD Dark Cloud Cover Pattern Offers Warning Near Key Level

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; the consolidation between 1.7000 and 1.7060 demonstrates a struggle between the bulls and bears. Clear candlestick signals are absent which does little to help confirm a technical bias for GBP/USD.

GBP/USD: Reversal Signals Missing In Intraday Trade

GBP/USD Dark Cloud Cover Pattern Offers Warning Near Key Level

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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