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GBP/USD Recovery Endangered By The Emergence Of A Hanging Man

GBP/USD Recovery Endangered By The Emergence Of A Hanging Man

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Hammer Awaiting Confirmation To Warn Of A Correction
  • Sustained Recovery Questionable Amid Broader Downtrend

GBP/USD’s recovery is at risk following the emergence of a Hanging Man formation on the daily. If confirmed by a successive down-day the reversal formation would warn of a pullback to the pair’s recent lows near 1.6060.

GBP/USD: Hanging Man Endangers Recovery

GBP/USD Recovery Endangered By The Emergence Of A Hanging Man

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

Choppy price action in intraday trade has left few signals to take cues from. Selling pressure is evident at the 1.6290 mark, yet a void of bearish signals leaves a question mark over the prospect of a correction.

GBP/USD: Consolidation Leaves Void Of Key Reversal Patterns

GBP/USD Recovery Endangered By The Emergence Of A Hanging Man

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

By David de Ferranti, Currency Analyst, DailyFX

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