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GBP/USD Set To Post Bullish Engulfing Pattern As Recovery Continues

GBP/USD Set To Post Bullish Engulfing Pattern As Recovery Continues

2014-07-15 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Pending Long
  • Bullish reversal pattern forming on the daily chart
  • Bearish formations absent in intraday trade

GBP/USD’s recovery is set to yield a Bullish Engulfing pattern on the daily chart if the current candle manages to close near present levels. The key reversal pattern would suggest a run on the recent highs at 1.7170 and be the first step towards an upside breakout.

GBP/USD: Bullish Engulfing Pattern Forming On Daily

GBP/USD Set To Post Bullish Engulfing Pattern As Recovery Continues

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

Drilling down to the four hour chart; several Doji formations near 1.7060 denoted hesitation from traders to push past the key technical level. With bearish patterns absent in intraday trade at this stage a pullback for the Pound looks doubtful.

GBP/USD: Bearish Patterns Absent In Intraday Trade

GBP/USD Set To Post Bullish Engulfing Pattern As Recovery Continues

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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