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GBP/USD Doji Denotes Deliberation From Traders As Descent Stalls

GBP/USD Doji Denotes Deliberation From Traders As Descent Stalls

2014-09-10 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Doji Indicates Indecision, Yet Recovery Questionable
  • H4 Chart Left Wanting For Bullish Candlesticks

GBP/USD’s descent has stalled at the 1.6060 floor as a Doji on the daily highlights hesitation from traders. Yet the candlestick formation is not a classic reversal pattern, which may limit the scope for a recovery. Selling pressure is likely to be renewed at the 1.6250/5 hurdle, while a daily close below 1.6060 would set the scene for a drop towards the 1.5880 barrier.

GBP/USD: Doji Indicates Indecision Near Recent Lows

GBP/USD Doji Denotes Deliberation From Traders As Descent Stalls

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

The four hour chart tells a similar story to the daily with an ensemble of short body sessions doing little to inspire confidence in a recovery for the pair. This leaves fresh shorts preferred on a break below the 1.6060 mark.

GBP/USD: Void of Reversal Signals Casts Risk Lower

GBP/USD Doji Denotes Deliberation From Traders As Descent Stalls

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

By David de Ferranti, Currency Analyst, DailyFX

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