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GBP/USD Piercing Line Pattern Offers Hopes Of A Corrective Bounce

GBP/USD Piercing Line Pattern Offers Hopes Of A Corrective Bounce

2014-08-28 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Piercing Line Pattern Hints At A Corrective Bounce
  • Climb Over 1.6660 Needed To Suggest A Small Base

The Pound has been offered a source of hope following the emergence of a Piercing Line pattern on the daily. However, the key reversal signal awaits confirmation from a successive up period to indicate the potential for a more pronounced bounce. Within the context of a sustained downtrend, selling into rallies is preferred at this point. A daily close above 1.6660 would be required to warn of a small base and the potential for a sustained recovery.

GBP/USD: Piercing Line Pattern Awaiting Confirmation

GBP/USD Piercing Line Pattern Offers Hopes Of A Corrective Bounce

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

The four hour chart leaves few directional signals for GBP/USD. A narrow range appears to have formed with short body candles indicating indecision amongst traders. Based on the bearish backdrop from the daily selling into corrective bounces would be preferred.

GBP/USD: Short Body Candles Suggest Conviction Lacking

GBP/USD Piercing Line Pattern Offers Hopes Of A Corrective Bounce

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

By David de Ferranti, Currency Analyst, DailyFX

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