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GBP/USD Eyes 2014 Low With Bullish Candlesticks Lacking

GBP/USD Eyes 2014 Low With Bullish Candlesticks Lacking

2014-10-03 07:11:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Lack of Bullish Signals Casts Risks Lower To 2014 Low
  • Bearish Engulfing Formation Signaled Intraday Weakness

GBP/USD’s woes have worsened in recent trade as an absence of reversal signals leaves the spotlight on the 1.6160 floor. If broken on a daily close basis the stage may be set for a more pronounced retreat to the October 2013 low at 1.5885.

Traders should note the upcoming US Non-Farm Payrolls report holds the potential to spark significant volatility which may negate technical signals offered.

GBP/USD: Sights Turn to 2014 Low With Reversal Signals Lacking

GBP/USD Eyes 2014 Low With Bullish Candlesticks Lacking

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

An early indication for an intraday retreat was offered by a Bearish Engulfing formation on the four hour chart. With an absence of reversal signals the pair may be primed for a run towards the 1.6060 floor.

GBP/USD: Bearish Engulfing Formation Warning Of Intraday Weakness

GBP/USD Eyes 2014 Low With Bullish Candlesticks Lacking

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

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