GBP/USD Recovery Falters As Traders Look Past Bullish Pattern
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Talking Points
- GBP/USD Technical Strategy: Sidelines Preferred
- Piercing Line Pattern Finds Limited Follow-Through
- Psychologically-Significant 1.6900 Hurdle Looms Nearby
GBP/USD has failed to sustain a recovery as traders look past a Piercing Line pattern on the daily. The potential for a sustained lift for the Pound is likely limited given the 1.6900 hurdle rests nearby. This suggests recent price action may simply be indicative of a corrective bounce. A daily close below 1.6830 would set the stage for an extended decline to 1.6660.
GBP/USD: Piercing Line May Find Limited Follow-Through
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
An examination of the four hour chart reveals several successive Doji formations near the 1.6810 mark which were the forerunner to an intraday recovery. Hesitation by the bulls near 1.6890/1.6900 is evident in intraday trade. However, key reversal patterns are seemingly lacking, which may suggest a period of consolidation lies ahead for GBP/USD.
GBP/USD: May Consolidate With Key Reversal Patterns Lacking
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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