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GBP/USD Turns Gaze Higher After Bearish Candlestick Pattern Negated

GBP/USD Turns Gaze Higher After Bearish Candlestick Pattern Negated

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Dark Cloud Cover Fails To Find Confirmation
  • Spotlight Cast On The 1.6450 Ceiling

The Pound has managed to hold its ground against the greenback after a Dark Cloud Cover pattern failed to receive confirmation. This leaves a Morning Star formation to guide the Sterling and casts the immediate risks higher for a run on 1.6450.

GBP/USD: Dark Cloud Cover Left Lacking Confirmation

GBP/USD Turns Gaze Higher After Bearish Candlestick Pattern Negated

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

GBP/USD is left with a void of major reversal signals on the four hour chart. This suggests awaiting a more constructive setup may be a more prudent approach to playing the pair.

GBP/USD: Awaiting Clearer Directional Guidance From Candlestick Signals

GBP/USD Turns Gaze Higher After Bearish Candlestick Pattern Negated

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

By David de Ferranti, Currency Analyst, DailyFX

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