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GBP/USD Dojis Suggest Indecision As Sideways Drift Endures

GBP/USD Dojis Suggest Indecision As Sideways Drift Endures

2014-11-03 05:00:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts Pending
  • Bears Hesitate As Doji Candlesticks Emerge
  • Four Hour Chart Shows Signs Of Indecision

GBP/USD’s slow sideways drift has produced a pair of Dojis which signal indecision from traders. Despite the proximity to key support at 1.5880 a lack of bullish reversal patterns casts doubt on a bounce. This leaves a breakout below the nearby barrier to offer a fresh short opportunity.

GBP/USD: Dojis Suggest Indecision As Sideways Drift Endures

GBP/USD Dojis Suggest Indecision As Sideways Drift Endures

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

A similar Doji display on the four hour chart further suggests hesitation from the bears to lead the pair lower. A more convincing close below the 1.5960 floor would be required to pave the way for a descent on the 1.5880 barrier.

GBP/USD: Doji Emerges At Intraday Barrier

GBP/USD Dojis Suggest Indecision As Sideways Drift Endures

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

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