- GBP/USD Technical Strategy: Sidelines Preferred
- Absence of Key Reversal Patterns Casts Doubt A Recovery
- Crawl Under 1.6550 Floor Needed To Open 1.6450
GBP/USD remains in a precarious position as a void of bullish candlesticks suggests the potential for further weakness. A daily close below 1.6526 would open the March lows near 1.6450 while a corrective bounce would likely encounter sellers at the 1.6660 ceiling.
GBP/USD: Lack of Bullish Signals Casts Doubt On A Recovery
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart paints leaves few directional signals for the Pound. A narrow range appears to have formed with short body candles indicating indecision amongst traders. Based on the bearish backdrop on the daily selling into corrective bounces would be preferred.
GBP/USD: Short Body Candles Suggest Conviction 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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