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GBP/USD Recovery Stumbles As Shooting Star Warns Of Weakness

GBP/USD Recovery Stumbles As Shooting Star Warns Of Weakness

2014-09-02 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Piercing Line Pattern Finds Limited Follow-Though
  • Shooting Star Formation Awaiting Confirmation

GBP/USD’s recovery has faulted as the appearance of a Shooting Star formation warns of a further correction. If confirmed by a successive down day the key reversal pattern could herald a retest of the pair’s recent lows at 1.6526. Whereas a daily close above 1.6660 would be required to warn of a small base and negate a bearish technical bias.

GBP/USD: Shooting Star Warns Of Weakness

GBP/USD Recovery Stumbles As Shooting Star Warns Of Weakness

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

An Evening Star offered an early indication of a possible correction for GBP/USD. A recovery looks questionable in the absence of bullish signals. Yet the downside may be limited given the proximity of current prices to nearby buying support.

GBP/USD: Intraday Bearish Signal Offered Early Warning

GBP/USD Recovery Stumbles As Shooting Star Warns Of Weakness

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

By David de Ferranti, Currency Analyst, DailyFX

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