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Talking Points

  • A Bearish Engulfing candle pattern hints a move lower is ahead
  • Below 1.6475 (23.6% Fib ret.) exposes 1.6356-71 (channel floor, 38.2% Fib exp.)
  • Near-term resistance is in the 1.6667-91 area (Dec 24 high, channel top)

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Bearish Candle Setup Eyed

Daily Chart - Created Using FXCM Marketscope 2.0

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

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