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GBP/USD Bounce Sees Morning Star Candlestick Formation Emerge

GBP/USD Bounce Sees Morning Star Candlestick Formation Emerge

2014-06-27 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Morning Staremerges as bulls return
  • Overhanging resistance may limit gains

GBP/USD’s recent recovery back above the 1.7000 handle has yielded a Morning Star formation on the daily chart. While the candlestick formation offers a bullish reversal signal, further gains may be limited by overhanging resistance at 1.7040.

GBP/USD: Morning Star Emerges As Bulls Return

GBP/USD Bounce Sees Morning Star Candlestick Formation Emerge

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; a Hammer pattern heralded the return of the bulls. With a Doji having now emerged, the pair may have lost steam near the 1.7040/60 mark. A pullback in intraday trade would likely be met by buyers at the 1.7000 handle.

GBP/USD: Doji Signals Hesitation Near 1.7040

GBP/USD Bounce Sees Morning Star Candlestick Formation Emerge

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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