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GBP/USD Promises Push Higher Post Morning Star Candlestick Pattern

GBP/USD Promises Push Higher Post Morning Star Candlestick Pattern

2014-07-02 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Longs Preferred
  • Morning Starsuggests potential for further gains
  • Bearish patterns remain absent on the daily

GBP/USD’s promises a further push higher following a Morning Star formation on the daily. With current levels not witnessed since 2008, definitive areas of resistance are not easily identifiable. This suggests traders may defer to psychologically-significant handles to look at taking profits and puts 1.7200 on the radar.

GBP/USD: Morning Star Heralded Upside Breakout

GBP/USD Promises Push Higher Post Morning Star Candlestick Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; a Dark Cloud Cover pattern had hinted at a reversal in intraday trade, yet failed to find follow-through. This suggests the bulls remain in control and creates doubt over a potential pullback.

GBP/USD: Dark Cloud Cover Finds Little Follow-Through

GBP/USD Promises Push Higher Post Morning Star Candlestick Pattern

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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