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GBP/USD Bearish Candlestick Pattern Warns Of Further Weakness

GBP/USD Bearish Candlestick Pattern Warns Of Further Weakness

2014-10-23 03:50:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Dark Cloud Cover Receives Confirmation
  • Downside Risks Centered On Lows Near 1.5880

GBP/USD’s retreat has continued after a Dark Cloud Cover pattern suggested the bears were mounting a return. Confirmation of the reversal signal leaves the downside risks centered on the pair’s recent lows near 1.5880. A daily close above 1.6170 would be required to negative a bearish technical bias and open the potential for a run on the recent 1.6400 peak.

GBP/USD: Dark Cloud Cover Offers Ominous Warning Near 1.6170

GBP/USD Bearish Candlestick Pattern Warns Of Further Weakness

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

The four hour chart suggests a less encouraging picture for a sustained pullback. A Gravestone Doji near 1.6025 denotes hesitation from traders to drag the pair lower. However, the candlestick formation is not considered a key reversal pattern, which also casts doubt on a corrective bounce. A close below the nearby floor would be necessary to pave the way for a descent on 1.5880.

GBP/USD: Doji Suggests Indecision In Intraday Trade

GBP/USD Bearish Candlestick Pattern Warns Of Further Weakness

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

By David de Ferranti, Currency Analyst, DailyFX

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