GBP/USD Offers Range Trading Opportunities Between Key Levels

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Narrow range between 1.7100 and 1.1710 remains in play
  • Dojis denote deliberation as consolidation continues

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 below support.

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

GBP/USD Offers Range Trading Opportunities Between Key Levels

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

Drilling down to the four hour chart; several Dojis near 1.7170 suggest hesitation from traders near the key technical level. A test of the range-bottom at 1.7100 may afford new long entries as the recent range remains intact.

GBP/USD: Doji Denotes Hesitation Near Key Resistance

GBP/USD Offers Range Trading Opportunities Between Key Levels

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.

You May Also Like

Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: How Far can the Dollar Go in 2014?

  2. Forex News

    GBP/USD Range in Focus Ahead of U.K. & U.S. 3Q GDP Reports

  3. Forex News

    Sterling between bullish dollar and bearish euro - BBH

  4. Forex News

    US Dollar Targets Fresh Highs versus Euro, but What Could Change?

  5. Forex News

    GBP/USD soft into the closing hours - Scotiabank

Trading Center