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GBP/USD Uninspired As Medley Of Short Body Candles Continues

GBP/USD Uninspired As Medley Of Short Body Candles Continues

2014-11-06 01:50:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

GBP/USD Uninspired As Medley Of Short Body Candles Continues

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

GBP/USD Uninspired As Medley Of Short Body Candles Continues

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

By David de Ferranti, Currency Analyst, DailyFX

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