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GBP/USD Downside Momentum Fades As Dojis Emerge Near 1.6450

GBP/USD Downside Momentum Fades As Dojis Emerge Near 1.6450

2014-09-04 07:17:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Pending Short
  • Doji Indicates Indecision At 1.6450 Floor
  • Awaiting Downside Break To Open 2014 Lows

GBP/USD’s descent has stalled as a Doji on the daily denotes hesitation by the bears. While downside momentum appears to have faded, a recovery prove difficult in the absence of key reversal patterns. A daily close below the nearby 1.6450 mark could open the 2014 lows near 1.6255.

GBP/USD: Bears Lose Steam As Doji Emerges

GBP/USD Downside Momentum Fades As Dojis Emerge Near 1.6450

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

A similar narrative is evident in intraday trade. The medley of short body sessions and Doji formations suggests a degree of caution from traders near the pair’s recent lows. While the pair has managed to regain its a recovery looks questionable given the absence of bullish signals.

GBP/USD: Ensemble Of Dojis Indicates Indecision From Traders

GBP/USD Downside Momentum Fades As Dojis Emerge Near 1.6450

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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