News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
GBP/USD Recovery Doubtful With Void Of Bullish Candlesticks

GBP/USD Recovery Doubtful With Void Of Bullish Candlesticks

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Evening Star Offered Warning of Weakness Ahead
  • Void Of Bullish Signals Casts Doubt On A Recovery

GBP/USD has extended its slide in recent trading after an Evening Star formation near 1.7170 offered an ominous warning of a correction for the pair. With an absence of bullish reversal signals, the Pound may be primed for a pullback to 1.6900 if the daily candle closes below 1.7040.

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

GBP/USD Recovery Doubtful With Void Of Bullish Candlesticks

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

The four hour chart reflects a similar story to the daily with a void of key reversal signals casting doubt on a potential recovery for the Pound. However, GBP/USD’s descent may be slowed by nearby support resting at the psychologically-significant 1.7000 handle.

GBP/USD: Absence of Reversal Signals Casts Doubt On A Recovery

GBP/USD Recovery Doubtful With Void Of Bullish Candlesticks

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

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES