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GBP/USD Pullback Leaves Bearish Candlestick Pattern Awaiting Confirmation

GBP/USD Pullback Leaves Bearish Candlestick Pattern Awaiting Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Dark Cloud Cover Awaiting Confirmation
  • Dojis Highlight Hesitation In Intraday Trade

GBP/USD’s recovery has thus far proven to be painfully slow with a Dark Cloud Cover formation now warning the bears may be looking to return from hibernation. A more convincing close above the 1.6170 barrier would be required to negate the bearish reversal pattern and open the 1.6400 ceiling.

GBP/USD: Recovery Loses Steam As A Bearish Pattern Emerges

GBP/USD Pullback Leaves Bearish Candlestick Pattern Awaiting Confirmation

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

A sea of Doji formations on the four hour chart highlights significant reluctance from traders to adopt fresh positioning. With an absence of clear reversal candlesticks a more constructive is desired to offer clearer directional guidance.

GBP/USD: Dojis Leave Clearer Signals Desired

GBP/USD Pullback Leaves Bearish Candlestick Pattern Awaiting Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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