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GBP/USD Doji Deluge Endures As Indecision Persists

GBP/USD Doji Deluge Endures As Indecision Persists

2014-11-05 04:30:00
David de Ferranti, Currency Analyst
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Talking Points

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

GBP/USD’s enduring sideways drift has left a medley of Doji candlesticks in its wake, 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 clearer cues from candlesticks desired in order to offer a more definitive technical bias.

GBP/USD: Dojis Suggest Indecision As Sideways Drift Endures

GBP/USD Doji Deluge Endures As Indecision Persists

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

A similar display of short body candles on the four hour chart further suggests hesitation from traders near the upper bounds of an intraday band. A breakout beyond the narrow corridor is required to offer a more constructive setup for the pair.

GBP/USD: Parade Of Short Body Candles Highlights Hesitation

GBP/USD Doji Deluge Endures As Indecision Persists

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

By David de Ferranti, Currency Analyst, DailyFX

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