GBP/USD Drops Below 1.60 After Bulls Showed Exhaustion Near Range-Top
- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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