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
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
GBP/USD Candlestick Analysis: Bottom Set Above 1.45 Figure?

GBP/USD Candlestick Analysis: Bottom Set Above 1.45 Figure?

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

Talking Points:

  • GBP/USD Strategy: Flat
  • Candle Setup Hints at Pound Gains Ahead
  • Confirmation of Upturn Pending for Now

The British Pound may be preparing to move higher against the US Dollar following the appearance of a Bullish Engulfing candlestick pattern. Positive RSI divergence bolsters the case for an upside scenario. A break above the 14.6% Fibonacci retracement at 1.4948 exposes the 23.6% level at 1.5185. Alternatively, a turn below the 23.6% Fib expansion at 1.4561 targets the 38.2% threshold at 1.4188.

Confirmation of reversal is absent for the time being. Furthermore, the dominant GBPUSD trend continues to look bearish, suggesting any move higher is likely to be corrective in the context of a longer-term decline rather than mark a structural reversal.

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

DISCLOSURES