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GBP/USD Recovery Doubtful As Bullish Signal Fails To Find Confirmation

GBP/USD Recovery Doubtful As Bullish Signal Fails To Find Confirmation

2014-08-22 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
  • Crawl Under 1.6550 Floor Needed To Open 1.6450

GBP/USD has been left lacking bullish reversal signals after an Inverted Hammer formation failed to find confirmation. This leaves the immediate risk lower with the potential for push past the 1.6550 barrier to open the March lows at 1.6450.

GBP/USD: Bullish Signal Fails To Find Confirmation

GBP/USD Recovery Doubtful As Bullish Signal Fails To Find Confirmation

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

Several short body candlesticks on the four hour chart denote indecision from traders near intraday support. However, the absence of key reversal formations suggests warrants some skepticism over the potential for an intraday recovery.

GBP/USD: Left Wanting For Bullish Signals Near Intraday Support

GBP/USD Recovery Doubtful As Bullish Signal Fails To Find 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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