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GBP/USD Evening Star Near Recent Highs Offers Ominous Warning

GBP/USD Evening Star Near Recent Highs Offers Ominous Warning

2014-07-21 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Evening Star candlestick pattern forms following pullback
  • Bearish formations absent in intraday trade

GBP/USD’s pullback from its recent highs near 1.7170 has yielded an Evening Star formation which may warn of a further correction for the pair. A break below support at 1.7040 would be required to cement a bearish technical bias and set the stage for a decline to 1.6900.

GBP/USD: Evening Star Offers Ominous Warning Near Recent Highs

GBP/USD Evening Star Near Recent Highs Offers Ominous Warning

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

Drilling down to the four hour chart; a Piercing Line pattern near 1.7038 helped deliver an intraday bounce for GBP/USD. However with 1.7100 looming nearby and a Bearish Engulfing pattern forming on the daily, the potential for further gains over the session ahead may be limited.

GBP/USD: Piercing Line Delivers Intraday Bounce

GBP/USD Evening Star Near Recent Highs Offers Ominous Warning

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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