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GBP/USD Recovery Stumbles As A Doji Highlights Hesitation

GBP/USD Recovery Stumbles As A Doji Highlights Hesitation

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Recovery Stalls As A Doji Denotes Indecision
  • H4 Chart Highlights Hesitation In Intraday Trade

GBP/USD has floundered after a Piercing Line pattern saw little follow-through. Further, a Doji formation indicates hesitation from the bulls to lead the pair higher. With heavy selling pressure remaining in the 1.6060/1.6100 region alongside a core downtrend the spotlight is left on the pair’s recent lows at 1.5950.

GBP/USD: Piercing Line Pattern Generates A Lackluster Response

GBP/USD Recovery Stumbles As A Doji Highlights Hesitation

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

A parade of Doji formations suggests hesitation from the bulls to push the Pound higher. Yet with a void of classic reversal signals the currency is left in a state of suspense above some small buying interest at 1.6060. If broken the stage could be set for a descent on the recent lows near 1.5950.

GBP/USD: Dojis Highlight Hesitation In Intraday Trade

GBP/USD Recovery Stumbles As A Doji Highlights Hesitation

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

By David de Ferranti, Currency Analyst, DailyFX

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