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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Indonesia authorizes AstraZeneca Covid vaccine for emergency use - BBG
  • Australian Dollar Price Forecast: AUD/USD, AUD/JPY, AUD/NZD - https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2021/03/09/Australian-Dollar-Price-Forecast-AUDUSD-AUDJPY-AUDNZD.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD $AUDJPY $AUDNZD https://t.co/4hT1cw12eh
  • China's CSI 300 recovers losses following reports that state-backed funds 'national team' will be used to purchase equities - BBG https://t.co/ehmKf0WFgH
  • A DB survey supposedly found that half of those that responded between the ages of 25 and 34 intend to use 50% of stimulus funds they receive on stock market investment! Sample size of only 430 retail investors but c'mon.
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/CogcdDMLHv
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Silver: 1.07% Oil - US Crude: 0.74% Gold: 0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OYlPeDynh9
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.15% 🇦🇺AUD: 0.15% 🇪🇺EUR: 0.15% 🇳🇿NZD: 0.11% 🇨🇭CHF: 0.08% 🇯🇵JPY: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/C1NBpD8tLa
  • China state funds said to buy stocks after plunge escalated -BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.59%, while traders in Germany 30 are at opposite extremes with 83.48%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/syFy1j9agh
  • $CADJPY has exploded higher after breaching Ascending Triangle resistance and powering through the 200-week moving average. The pattern's implied measured move suggests price could climb an additional 4% from current levels to challenge psychological resistance at 90.00 $CAD https://t.co/sCP0pq1g1V https://t.co/NFIRL3E9ZN
GBP/USD Doji Denotes Hesitation On Test Of Critical Support

GBP/USD Doji Denotes Hesitation On Test Of Critical Support

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Doji Demonstrates Indecision Near Support
  • 1.6660 Offering Intraday Support To The Pound

GBP/USD has managed to regain its footing in recent trade as the emergence of a Doji formation suggests hesitation from the bears. Recent price action remains indicative of a short-term downtrend which casts the immediate risk lower. A daily close below the nearby 1.6660 floor would re-open the April lows near 1.6550. However, the surge in real trading volume warns of a potential reversal - a pattern evident over recent months for the Pound.

GBP/USD: Bears Hesitate On Test Of Critical Support

GBP/USD Doji Denotes Hesitation On Test Of Critical Support

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

Examining intraday price action on the four chart; a Doji formation near the 1.6660 barrier denotes indecision amongst traders. However, bullish reversal candlesticks remain glaringly absent, which casts doubt on the potential for an intraday recovery. Sellers are likely to keep the pair capped below former support-turned resistance at 1.6760.

GBP/USD: Doji Highlights Indecision Near Intraday Support

GBP/USD Doji Denotes Hesitation On Test Of Critical Support

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