GBP/USD Recovery Doubtful As Bullish Signal Fails To Find Confirmation
- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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