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GBP/USD Bulls Lose Steam As Doji Suggests Hesitation At Range-Top

GBP/USD Bulls Lose Steam As Doji Suggests Hesitation At Range-Top

2014-10-29 04:40:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Doji Highlights Hesitation From The Bulls Near 1.6170
  • Harami On H4 May Herald A Pullback If 1.6130 Cleared

GBP/USD traders are showing signs of indecision as suggested by a Doji formation near the pair’s recent highs. However, the absence of definitive reversal signals leaves a pullback as questionable. A daily close above 1.6170 would be required to open the potential for a run on the recent 1.6400 peak.

GBP/USD: Doji Denotes Indecision At Critical Barrier

GBP/USD Bulls Lose Steam As Doji Suggests Hesitation At Range-Top

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

The four hour chart deserves close attention over the session ahead. A Harami pattern has received confirmation from a successive down-period, which may be the precursor to a deeper correction. Buyers appear intent on supporting the Sterling at the 1.6130 floor, which if broken may herald a retreat to 1.5995.

GBP/USD: Awaiting Slip Below 1.6130 With A Harami In Tow

GBP/USD Bulls Lose Steam As Doji Suggests Hesitation At Range-Top

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

By David de Ferranti, Currency Analyst, DailyFX

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