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GBP/USD Resumes Descent Amid Absence Of Bullish Candlesticks

GBP/USD Resumes Descent Amid Absence Of Bullish Candlesticks

David de Ferranti, Currency Analyst

Talking Points

  • 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

GBP/USD Resumes Descent Amid Absence Of Bullish Candlesticks

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

GBP/USD Resumes Descent Amid Absence Of Bullish Candlesticks

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

By David de Ferranti, Currency Analyst, DailyFX

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