Talking Points
- GBP/USD Technical Strategy: Short Pending
- Bears Hesitate As Doji Candlesticks Emerge
- Four Hour Chart Shows Signs Of Indecision
GBP/USD’s consolidation has continued leaving a medley of Doji candlesticks in its path. Despite the proximity to key support at 1.5880 a lack of bullish reversal patterns casts doubt on a bounce. This leaves a breakout below the nearby barrier to offer a fresh short opportunity.
GBP/USD: Dojis Suggest Indecision As Sideways Drift Endures
Daily Chart – Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A similar Doji display on the four hour chart further suggests hesitation from traders near the bounds of an intraday band. A more convincing close below the 1.5960 floor would be required to pave the way for a descent on the 1.5880 barrier.
GBP/USD: Dojis Emerge At Turning Points In Intraday Range
4 Hour Chart – Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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