Talking Points
- GBP/USD Technical Strategy: Sidelines Preferred
- Dark Cloud Cover Fails To Find Confirmation
- Spotlight Cast On The 1.6450 Ceiling
The Pound has managed to hold its ground against the greenback after a Dark Cloud Cover pattern failed to receive confirmation. This leaves a Morning Star formation to guide the Sterling and casts the immediate risks higher for a run on 1.6450.
GBP/USD: Dark Cloud Cover Left Lacking Confirmation
Daily Chart – Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
GBP/USD is left with a void of major reversal signals on the four hour chart. This suggests awaiting a more constructive setup may be a more prudent approach to playing the pair.
GBP/USD: Awaiting Clearer Directional Guidance From Candlestick Signals
4 Hour Chart – Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.