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GBP/USD Doji Denotes Hesitation On Test Of Critical Support

GBP/USD Doji Denotes Hesitation On Test Of Critical Support

2014-08-15 11:49:00
David de Ferranti, Currency Analyst
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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

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