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GBP/USD Consolidation Continues With Cues From Candlesticks Lacking

GBP/USD Consolidation Continues With Cues From Candlesticks Lacking

2014-11-25 08:00:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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).

GBP/USD: Consolidation Continues With Cues From Candlesticks Lacking

GBP/USD Consolidation Continues With Cues From Candlesticks Lacking

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

GBP/USD Consolidation Continues With Cues From Candlesticks Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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