Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
GBP/USD Candlestick Analysis: 7-Month Down Trend Broken

GBP/USD Candlestick Analysis: 7-Month Down Trend Broken

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

The British Pound overturned its seven-month down trend against the US Dollar after prices put in an Inverted Hammer candlestick near the 1.50 figure. Confirmation of reversal followed on a break above 1.5277, the intersection of the 14.6% Fibonacci retracement and the top of a falling channel guiding the multi-month down move. The next layer of weekly resistance comes in at 1.5479, the 23.6% level, with a break above that exposing the 38.2% Fib at 1.5806.

From a longer-term perspective, prices are pace to produce the first monthly advance after seven consecutive periods of losses. That may mark the first step in resuming the choppy rising trend from the post-crisis lows set in January 2009.

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.