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GBP/USD Revisits 1.6270 Floor After Hanging Man Delivers Dip

GBP/USD Revisits 1.6270 Floor After Hanging Man Delivers Dip

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Hanging Man Follow-Through May Be Limited
  • Cues From Candlesticks On 4 Hour Chart Lacking

GBP/USD has continued to pullback after the appearance of a Hanging Man candlestick warned of a correction for the pair. Recent “messy” price action and a lack of follow-through for recent reversal signals suggests the latest dip may be shallow. A daily close below the 1.6270 floor would be required to indicate a more negative shift in sentiment and a possible revisit of the 2014 lows.

GBP/USD: Stumble Leaves A Hanging Man In Its Trail

GBP/USD Revisits 1.6270 Floor After Hanging Man Delivers Dip

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

Sideways price action on the four hour chart leaves a void of clear directional signals from candlesticks. This suggests awaiting a more constructive setup may prove a more prudent approach to playing the Pound.

GBP/USD: Awaiting Directional Cues From Candlesticks

GBP/USD Revisits 1.6270 Floor After Hanging Man Delivers Dip

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

By David de Ferranti, Currency Analyst, DailyFX

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