GBP/USD Key Reversal Candlestick Formation Emerges On Rebound
- GBP/USD Technical Strategy: Sidelines Preferred
- Piercing Line Pattern Awaiting Confirmation Near Recent Lows
- Dojis On H4 Chart Signaled Reluctance By The Bears
GBP/USD’s whipsaw has left a Piercing Line pattern in its wake. Yet the key candlestick formation may struggle to generate a sustained advance for the Pound. This is given the heavy selling pressure within the 1.6060/1.6100 region and the context of a core downtrend on the daily. In turn this casts the spotlight on the recent lows near 1.5950.
GBP/USD: Piercing Line Pattern Awaits Confirmation Near Recent Lows
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A pair of Dojis on the four hour chart signaled hesitation by the bears near GBP/USD’s recent lows. Yet with a Harami pattern now in its trail the bears may be looking to return to the pair.
GBP/USD: Harami Warns Bears May Stage A Return In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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