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GBP/USD Bearish Candlestick Pattern Casts Immediate Risks Lower

GBP/USD Bearish Candlestick Pattern Casts Immediate Risks Lower

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Evening Star Formation Opens Risk Of Further Declines
  • Bearish Engulfing Pattern Emerges In Intraday Trade

GBP/USD may be at risk of further declines after the emergence of a somewhat asymmetric Evening Star formation. The bearish reversal pattern casts the spotlight on the 2014 lows near 1.5880. A close above the 1.6170 ceiling would be required to negate the signal and suggest a bullish bias.

GBP/USD: Evening Star Casts Risks Lower

GBP/USD Bearish Candlestick Pattern Casts Immediate Risks Lower

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

A Bearish Engulfing formationon the four hour chart offers an additional warning of weakness for the Sterling. Clearance of intraday buying interest at the 1.5960 barrier may herald a revisit of 1.5880.

GBP/USD: Bearish Pattern Emerges In Intraday Trade

GBP/USD Bearish Candlestick Pattern Casts Immediate 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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