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GBP/USD Retests Range-Top As Reversal Signal Emerges In Intraday Trade

GBP/USD Retests Range-Top As Reversal Signal Emerges In Intraday Trade

2014-12-16 01:01:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

GBP/USD: Awaits Break From Recent Range To Offer A Clearer Bias

GBP/USD Retests Range-Top As Reversal Signal Emerges In Intraday Trade

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

GBP/USD Retests Range-Top As Reversal Signal Emerges In Intraday Trade

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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