GBP/USD Resumes Descent Amid Absence Of Bullish Candlesticks
- GBP/USD Technical Strategy: Sidelines Preferred
- Lack of Bullish Signals Keeps Risks Lower
- H4 Morning Star Hinted At An Intraday Turn
GBP/USD has returned to its downward trajectory with a lack of bullish candlesticks casting the immediate risks lower for the pair. The close below the 1.6215 floor warns of a retest of the 2014 lows near 1.6060.
GBP/USD: Bears Return As Reversal Signals Left Lacking
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart offered an early indication of a potential pullback for the Pound. A Dark Cloud Cover candlestick pattern near 1.6275 suggests the bears have wrestled control of prices. This puts the spotlight on intraday buying support at the 1.6150 mark.
GBP/USD: Dark Cloud Cover Warned Of Intraday Retreat
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
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.