News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Promises Push Higher Post Morning Star Candlestick Pattern

GBP/USD Promises Push Higher Post Morning Star Candlestick Pattern

David de Ferranti, Currency Analyst

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

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES