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GBP/USD Recovery Hopes Fade With Bullish Signal Lacking Confirmation

GBP/USD Recovery Hopes Fade With Bullish Signal Lacking Confirmation

2014-08-21 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Inverted Hammer Lacking Necessary Confirmation
  • Leap Above 1.6660 Required To Suggest A Recovery

GBP/USD is left dangling by a thread as the chances of an Inverted Hammer formation fade. Against the backdrop of a sustained downtrend, a climb above the 1.6660 hurdle would likely be required to offer hopes for a more sustained recovery. In the absence of such a scenario shorts remain preferred with a crawl below the 1.6550 floor to pave the way for a descent on March lows at 1.6450.

GBP/USD: Bullish Signal Lacking Confirmation

GBP/USD Recovery Hopes Fade With Bullish Signal Lacking Confirmation

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

The four hour chart tells a similar narrative to the daily. A Bullish Engulfing formation is being etched out yet awaits the close of the current candle to confirm the reversal signal. Some skepticism over further gains may also be warranted given the 1.6660 barrier looms nearby.

GBP/USD: Bullish Pattern Being Etched Out In Intraday Trade

GBP/USD Recovery Hopes Fade With Bullish Signal Lacking Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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