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GBP/USD Risks Skewed To The Downside Amid Absence Of Reversal Signs

GBP/USD Risks Skewed To The Downside Amid Absence Of Reversal Signs

2014-11-07 06:26:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Absence of Reversal Patterns Casts Risk Lower
  • H4 Chart Casts Doubt On A Corrective Bounce

GBP/USD has pushed past the critical 1.5880 barrier with key reversal candlesticks absent. This suggests the risks may be skewed to the downside for the pair and opens a potential descent on the Mid-September 2013 low near 1.5770. A climb back over the 1.5880 hurdle would be required to negate a bearish technical bias.

GBP/USD: Clears Key Barrier With Bullish Signals Absent

GBP/USD Risks Skewed To The Downside Amid Absence Of Reversal Signs

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

Similarly, the four hour chart leaves little indication of a potential corrective bounce for the Sterling. Given the context afforded by the daily this suggests the currency may be exposed to further weakness.

GBP/USD: Lacking Reversal Signs In Intraday Trade

GBP/USD Risks Skewed To The Downside Amid Absence Of Reversal Signs

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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