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GBP/USD Consolidation Continues As Dojis Highlight Hesitation

GBP/USD Consolidation Continues As Dojis Highlight Hesitation

2014-11-04 05:34:00
David de Ferranti, Currency Analyst
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Talking Points

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

GBP/USD’s consolidation has continued leaving a medley of Doji candlesticks in its path. 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 Consolidation Continues As Dojis Highlight Hesitation

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 traders near the bounds of an intraday band. 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: Dojis Emerge At Turning Points In Intraday Range

GBP/USD Consolidation Continues As Dojis Highlight Hesitation

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

By David de Ferranti, Currency Analyst, DailyFX

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