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GBP/USD Evening Star Near 1.7170 Warns Of Correction If Confirmed

GBP/USD Evening Star Near 1.7170 Warns Of Correction If Confirmed

2014-07-18 11:30:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Pending Long
  • Evening Star awaiting confirmation on the daily
  • Bullish Engulfing pattern offers early hint of a recovery

GBP/USDcontinues to tease traders near the critical 1.7170 mark with the most recent pullback yielding an Evening Star formation. The pattern suggests a further retreat if confirmed by a successive down-day, which may prove difficult given the proximity of key support levels at 1.7100 and 1.7040.

GBP/USD: Evening Star Awaiting Confirmation

GBP/USD Evening Star Near 1.7170 Warns Of Correction If Confirmed

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

Drilling down to the four hour chart; a Bullish Engulfing pattern hints at an intraday recovery for the Pound. This puts the range-top at 1.7170 in focus, while a close below 1.7100 would shift the immediate risk lower.

GBP/USD: Bullish Engulfing Pattern Puts 1.7100 In Focus

GBP/USD Evening Star Near 1.7170 Warns Of Correction If Confirmed

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

By David de Ferranti, Currency Analyst, DailyFX

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