GBP/USD Narrow Range In Play As Doji Suggests Trader Indecision

By DailyFx | July 09, 2014 AAA

DailyFX.com -

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Hanging Man warns of fading conviction from the bulls
  • Haramipattern highlights potential for intraday bounce

GBP/USD continues to keep traders in suspense as the pair wavers within a narrow 70 pip range between 1.7100 and 1.7170. A lack of definitive bearish reversal candlestick signals casts doubt on a correction.

GBP/USD: Range Remains In Force As Dojis Signal Trader Indecision

GBP/USD Narrow Range In Play As Doji Suggests Trader Indecision

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

Drilling down to the four hour chart; the presence of GBP/USD’s recent range is more pronounced. The bounce off support at 1.7100 which yielded a Piercing Line pattern may leave the pair primed for another run on the 1.7170 top.

GBP/USD: Piercing Line May Leave Pound Primed For An Intraday Recovery

GBP/USD Narrow Range In Play As Doji Suggests Trader Indecision

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

By David de Ferranti, Currency Analyst, DailyFX

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