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GBP/USD Aims Lower After Drop Denies Bullish Pattern Validation

GBP/USD Aims Lower After Drop Denies Bullish Pattern Validation

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Short, Stop: 1.5880 (Close), Target: 1.5790
  • Bullish EngulfingFormation Denied Confirmation
  • H4 Chart Doji Reveals Hesitation From The Bulls

GBP/USD sharp retreat has left a Bullish Engulfingformation lacking confirmation and in turn casts the spotlight lower for the pair. Alongside a short-term downtrend the risks are centered on the Mid-September 2013 low near 1.5770.

GBP/USD: Bullish Engulfing Formation Denied Confirmation

GBP/USD Aims Lower After Drop Denies Bullish Pattern Validation

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

A Hanging Manon the four hour chart flashed an early warning signal to traders. With bullish reversal patterns lacking in intraday trade a corrective bounce over the session ahead is questionable.

GBP/USD: Hanging Man Offered Early Warning In Intraday Trade

GBP/USD Aims Lower After Drop Denies Bullish Pattern Validation

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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