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GBP/USD Pullback Fails To Confirm Bullish Engulfing Pattern

GBP/USD Pullback Fails To Confirm Bullish Engulfing Pattern

2014-07-17 11:00:00
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 pullback has done little to confirm the Bullish Engulfing pattern on the daily. With heavy selling pressure on the pair sub 1.7170 an upside breakout appears less likely. However, with the psychologically-significant 1.7100 handle nearby, a narrow range may be retained, rather than a sharp correction.

GBP/USD: Bullish Pattern Fails To Find Confirmation Near Key Resistance

GBP/USD Pullback Fails To Confirm Bullish Engulfing Pattern

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 Pullback Fails To Confirm Bullish Engulfing Pattern

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

By David de Ferranti, Currency Analyst, DailyFX

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