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GBP/USD Missing Bullish Cues From Candlesticks Near Critical Barrier

GBP/USD Missing Bullish Cues From Candlesticks Near Critical Barrier

2014-10-15 06:37:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • BullishReversal Signals Lacking On The Daily
  • Eyes On H4 For Early Signs Of An Intraday Bounce

GBP/USD is left at a critical juncture near the 1.5880 floor with bullish reversal signals lacking. A daily close below the nearby barrier would potentially open the way for a descent towards the mid-September 2013 low near 1.5770.

Traders should note that upcoming UK employment figures hold the potential to spark significant volatility for the GBP, which could negate technical signals offered.

GBP/USD: Void Of Bullish Signals At Key Support

GBP/USD Missing Bullish Cues From Candlesticks Near Critical Barrier

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

The four hour chart reveals a Bullish Engulfing formation taking shape in intraday trade. However, the key reversal pattern requires the close of the current candle and a successive up-period in order to be confirmed. An intraday advance is likely to see selling pressure renewed at former support-turned-resistance at 1.5945.

GBP/USD: Key Reversal Pattern Emerging In Intraday Trade

GBP/USD Missing Bullish Cues From Candlesticks Near Critical Barrier

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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