- 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
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
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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