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BRITISH POUND / US DOLLAR (GBP/USD)

Delayed Quote. Delayed  - 07/28 10:21:09 am
1.38595 USD   -0.16%
10:04aDollar edges higher with all eyes on the Fed
RE
09:43aOil nears $75 as U.S. inventory drop counters virus concerns
RE
09:26aWall Street Set for Small Gains Ahead of Fed Rate Decision
MT
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SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

GBP/USD Woes May Continue With Bullish Reversal Patterns Absent

07/30/2014 | 07:50am EDT
DailyFX.com -

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Evening Star Offered Warning of Weakness Ahead
  • Void Of Bullish Signals Casts Doubt On A Recovery

GBP/USD could see continued declines following an Evening Star formation on the daily and an absence of bullish reversal candlesticks. A daily close below nearby support at 1.6900 would likely see buyers step in at the 1.6830 mark.

Traders should note that a string of top-tier US data over the session ahead may spark significant volatility that voids some of the technical signals offered.

GBP/USD: Evening Star Offered Ominous Warning Near Recent Highs

GBP/USD Woes May Continue With Bullish Reversal Patterns Absent

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

The four hour chart reflects a similar story to the daily with a void of key reversal signals casting doubt on a potential recovery for the Pound. However, GBP/USD’s descent may be slowed by nearby support resting at the psychologically-significant 1.7000 handle.

GBP/USD: Absence of Reversal Signals Casts Doubt On A Recovery

GBP/USD Woes May Continue With Bullish Reversal Patterns Absent

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.


original source

ę FXCM 2014
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