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GBP/USD Post-Doji Upswing May Struggle To Find Momentum

GBP/USD Post-Doji Upswing May Struggle To Find Momentum

2014-08-18 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Dojis Demonstrated Indecision Near Support
  • Harami Fails To Find Follow-Through On H4

The Pound has been afforded a small corrective bounce after several Dojis near the 1.6660 floor indicated an unwillingness to drive the currency lower. Nonetheless, recent price action remains suggestive of a short-term downtrend which leaves the immediate risk lower. A daily close below 1.6660 would re-open the April lows near 1.6550. However, the surge in real trading volume may warn of the potential for a more sustained reversal - a pattern evident over recent months for the Pound.

GBP/USD: Bears Retreat Following Several Doji Formations On The Daily

GBP/USD Post-Doji Upswing May Struggle To Find Momentum

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

The four hour chart reveals the emergence of a Harami pattern shy of the 1.6760 barrier. However, the key reversal formation failed to find follow-through which casts doubt on the potential for a correction over the session ahead.

GBP/USD: Harami Finds Little Follow-Through

GBP/USD Post-Doji Upswing May Struggle To Find Momentum

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

By David de Ferranti, Currency Analyst, DailyFX

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