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GBP/USD Faces Make-Or-Break Moment With Bullish Pattern Near 1.7170

GBP/USD Faces Make-Or-Break Moment With Bullish Pattern Near 1.7170

2014-07-16 10:49:00
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 faces a make-or-break session as the pair teases at an upside break of the 1.7170 mark. A freshly formed Bullish Engulfing pattern hints that upside momentum could rebuild. However, given the reversal pattern’s proximity to resistance, a successive up-day and breakout would be required to confirm the signal.

GBP/USD: At A Critical Juncture With Bullish Pattern Near Key Resistance

GBP/USD Faces Make-Or-Break Moment With Bullish Pattern Near 1.7170

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

Drilling down to the four hour chart; A Dark Cloud Cover formation warned of an intraday correction following the test of 1.7170. Given the bearish pattern remains in play, new longs may be best served on a bounce off nearby support at 1.7100.

GBP/USD: Pullback To Offer New Long Entries

GBP/USD Faces Make-Or-Break Moment With Bullish Pattern Near 1.7170

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

By David de Ferranti, Currency Analyst, DailyFX

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