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Talking Points
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GBP/USD Technical Strategy: Flat
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Bears Hesitate As Doji Candlesticks Emerge
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Four Hour Chart Shows Signs Of Indecision
GBP/USD’s enduring sideways drift has left a medley of Doji candlesticks in its wake which signal indecision from traders. Despite the proximity to key support at 1.5880 a lack of bullish reversal patterns casts doubt on a bounce. This leaves clearer cues from candlesticks desired in order to offer a more definitive technical bias.
GBP/USD: Dojis Suggest Indecision As Sideways Drift Endures
Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
A similar display of short body candles on the four hour chart further suggests hesitation from traders near the upper bounds of an intraday band. A breakout beyond the narrow corridor is required to offer a more constructive setup for the pair.
GBP/USD: Parade Of Short Body Candles Highlights Hesitation
4 Hour Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
By David de Ferranti Currency Analyst DailyFX
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