GBP/USD Uninspired As Medley Of Short Body Candles Continues
- GBP/USD Technical Strategy: Flat
- Traders Hesitate As Doji Candlesticks Continue
- H4 Piercing Line Pattern Sees Lackluster Response
GBP/USD’s parade of short body candles and Doji formations persists, signifying significant hesitation from traders to adopt fresh positioning for the pair. 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
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Intraday whipsaws have left a Piercing Line pattern in the Pound’s path on the H4 timeframe. While considered a bullish reversal signal, the lack of follow-through suggests the bulls are in need of greater inspiration. This leaves a more constructive setup desired to offer a technical bias for the pair.
GBP/USD: Piercing Line Sees Lackluster Reponse
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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