Talking Points
- GBP/USD Technical Strategy: Sidelines Preferred
- Dark Cloud Cover Awaiting Confirmation
- Dojis Highlight Hesitation In Intraday Trade
GBP/USD’s recovery has thus far proven to be painfully slow with a Dark Cloud Cover formation now warning the bears may be looking to return from hibernation. A more convincing close above the 1.6170 barrier would be required to negate the bearish reversal pattern and open the 1.6400 ceiling.
GBP/USD: Recovery Loses Steam As A Bearish Pattern Emerges
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A sea of Doji formations on the four hour chart highlights significant reluctance from traders to adopt fresh positioning. With an absence of clear reversal candlesticks a more constructive is desired to offer clearer directional guidance.
GBP/USD: Dojis Leave Clearer Signals Desired
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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