GBP/USD Consolidation Continues With Cues From Candlesticks Lacking
- Strategy: Flat, Short Pending On Close Below 1.5585
- Searching For Direction With Candlestick Signals Absent
- H4 Short Body Candle and Doji Medley Indicates Indecision
GBP/USD remains locked in a range with cues from key candlestick patterns lacking. This leaves a more a more constructive setup desired. A close below the range-floor at 1.5585 may open the 1.5425 barrier (the late August ’13 low).
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour timeframe paints a similar picture to the daily. A medley of short body candles and Doji formations further indicates a lack of conviction amongst traders.
GBP/USD: Medley Of Short Body Candles Indicates Indecision
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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