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Breaking news

Bank of England Tapers QE Purchases, leaves Bank Rate & APF Target Unchanged

GBP/USD Drops Below 1.60 After Bulls Showed Exhaustion Near Range-Top

GBP/USD Drops Below 1.60 After Bulls Showed Exhaustion Near Range-Top

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Doji Highlighted Hesitation From The Bulls Near 1.6170
  • Pullback Below 1.6000 Opens Revisit Of 1.5880

GBP/USD’s woes may be set to continue with bullish reversal signals lacking for the pair. This follows a Doji formation near the 1.6170 range-top, which suggested hesitation from the bulls. Downside risks are centered on the 2014 lows near 1.5880.

GBP/USD: Doji Denoted Indecision At Critical Barrier

GBP/USD Drops Below 1.60 After Bulls Showed Exhaustion Near Range-Top

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

A Harami on the four hour chart offered an early warning of a potential correction. The slide under 1.5995 amid an absence of bullish signals suggests the potential for further weakness to 1.5880.

GBP/USD: Void of Bullish Reversal Patterns Casts Risks Lower

GBP/USD Drops Below 1.60 After Bulls Showed Exhaustion Near 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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