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GBP/USD Awaiting Clearer Guidance Near Range-Top

GBP/USD Awaiting Clearer Guidance Near Range-Top

2014-11-27 07:03:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Flat, Short Pending On Close Below 1.5585
  • Awaiting Guidance Near Key Technical Barrier
  • H4 Short Body Candle and Doji Medley Indicates Indecision

GBP/USD is kissing key resistance at the 1.5800 handle with a void of reversal candlesticks clouding the outlook for the pair. A bearish reversal signal near the barrier would recast the risk lower towards the 1.5585 floor. In the alternative scenario an upside breakout would herald a potential return to the 1.6170 ceiling.

GBP/USD: Testing Key Resistance Near 1.5800

GBP/USD Awaiting Clearer Guidance Near Range-Top

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 near 1.5800.

GBP/USD: Medley Of Short Body Candles Indicates Indecision

GBP/USD Awaiting Clearer Guidance Near Range-Top

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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