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GBP/USD Key Reversal Candlestick Formation Emerges On Rebound

GBP/USD Key Reversal Candlestick Formation Emerges On Rebound

2014-10-07 07:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

GBP/USD Key Reversal Candlestick Formation Emerges On Rebound

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

GBP/USD Key Reversal Candlestick Formation Emerges On Rebound

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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