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GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals

GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Lack of Bullish Signals Casts Doubt On A Recovery
  • Dojis on H4 Highlighted Hesitation In Intraday Trade

GBP/USD has staged an about face in trading today, yet a void of bullish candlesticks leaves a question mark over a further recovery. Buying interest appears evident at the 1.6170 floor, which if broken would warn of a retest of the 2014 lows near 1.6060.

GBP/USD: Question Mark On A Recovery With Reversal Signals Lacking

GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals

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

The four hour chart is dotted with Doji candlesticks which highlights hesitation from the bears near the 1.6150 floor. Yet in a similar fashion to the daily, there is an absence of bullish candlestick formations. This in turn may leave the Pound lacking the fuel to push higher over the session ahead.

GBP/USD: Sustained Strength In Doubt Amid Absence Of Bullish Signals

GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals

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

By David de Ferranti, Currency Analyst, DailyFX

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