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British Pound surges after UK exit poll shows Conservatives expected to win 368 seats out of 650

GBP/USD Resumes Climb Amid Void Of Bearish Candlesticks

GBP/USD Resumes Climb Amid Void Of Bearish Candlesticks

2014-09-18 10:08:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Void of Bearish Patterns May Open Further Gains
  • 1.6450 Mark On The Cards Following Climb Over 1.6270

GBP/USD has resumed is ascent in recent trading with an absence of bearish candlesticks bolstering hopes for a continued recovery. The climb above the 1.6270 hurdle suggests a small base may have formed which opens the prospect of a recovery to 1.6450. Yet some skepticism over a sustained recovery may be warranted given the pair remains within the broader context of a downtrend on the daily.

Traders should note the upcoming Scottish Independence Vote holds the potential to spark significant volatility for the Pound, which may negate technical signals offered.

GBP/USD: Eyes Further Gains With A Morning Star In Its Wake

GBP/USD Resumes Climb Amid Void Of Bearish Candlesticks

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

Choppy price action alongside a pair of Dojis in intraday trade indicates indecision amongst traders. While selling pressure remains evident at the 1.6340 barrier, a void of bearish patterns does little to suggest a correction.

GBP/USD: Dojis Denote Indecision Near Intraday Resistance

GBP/USD Resumes Climb Amid Void Of Bearish Candlesticks

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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