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GBP/USD Piercing Line Pattern Emerges Post Push Off 1.6830

GBP/USD Piercing Line Pattern Emerges Post Push Off 1.6830

2014-08-05 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Piercing Line Pattern May Find Limited Follow-Through
  • Psychologically-Significant 1.6900 Hurdle Looms Nearby

GBP/USD’s push off the 1.6830 floor has yielded a Piercing Line formation which may be the precursor to a recovery for the pair. However, the potential for a sustained lift for the Pound is likely limited given the 1.6900 hurdle rests nearby. This suggests recent price action may simply be indicative of a corrective bounce. A daily close below 1.6830 would set the stage for an extended decline to 1.6660.

GBP/USD: Piercing Line May Find Limited Follow-Through

GBP/USD Piercing Line Pattern Emerges Post Push Off 1.6830

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

An examination of the four hour chart reveals several successive Doji formations near the 1.6810 mark (signaling hesitation by the bears). Key reversal patterns are seemingly lacking on the intraday timeframe, which may suggest a period of consolidation lies ahead for GBP/USD.

GBP/USD: Dojis Denote Deliberation Near 1.6810

GBP/USD Piercing Line Pattern Emerges Post Push Off 1.6830

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

By David de Ferranti, Currency Analyst, DailyFX

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