GBP/USD Retests Range-Top As Reversal Signal Emerges In Intraday Trade
- Strategy: Flat, Awaiting Break Outside Recent Range
- Reversal Candlestick Formations Lacking On The Daily
- Hanging Man On H4 Casts Risks Lower In Intraday Trade
GBP/USD has once again brushed the upper-bounds of its recent range. Yet with definitive bearish reversal signals absent on the daily, a pullback is questionable. Thissuggests the pair’s consolidation may be set to continue. A break of the narrow corridor would be required to offer a clearer directional bias.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour timeframe presents a slightly more attractive setup. A Hanging Man formation near 1.5800 has received confirmation from a successive down-period and in turn may suggest a retreat over the session ahead.
GBP/USD: Hanging Man Emerges Near Range-Top
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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