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GBP/USD Retreats To Range-Bottom As Bullish Pattern Falls Flat

GBP/USD Retreats To Range-Bottom As Bullish Pattern Falls Flat

2014-12-03 10:29:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Flat, Short Pending On Close Below 1.5585
  • Bullish Signal On The Daily Falls Flat Following Pullback
  • Dojis Suggest Indecision From Traders Near Range-Bottom

GBP/USD’s whipsaw back towards its range-bottom has left a Bullish Engulfing formation lacking confirmation. This leaves a close below 1.5585 desired to open the door to more significant declines. A potential downside target would be offered by the late August 2013 low near 1.5425.

GBP/USD: Awaits Break Below Key Support To Open Next Leg Lower

GBP/USD Retreats To Range-Bottom As Bullish Pattern Falls Flat

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

The four hour timeframe offered an early warning sign of a potential pullback in the form of a Bearish Engulfing candlestick pattern. In more recent trade an ensemble of Doji formations near the range-bottom suggests the bears are reluctant to drag the pair lower. Yet an absence of key reversal signals casts doubt on the prospect of a corrective bounce.

GBP/USD: Dojis Suggest Indecision Near Range-Bottom

GBP/USD Retreats To Range-Bottom As Bullish Pattern Falls Flat

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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