- GBP/USD Technical Strategy: Sidelines Preferred
- Hammer Awaiting Confirmation To Warn Of A Correction
- Sustained Recovery Questionable Amid Broader Downtrend
GBP/USD’s recovery is at risk following the emergence of a Hanging Man formation on the daily. If confirmed by a successive down-day the reversal formation would warn of a pullback to the pair’s recent lows near 1.6060.
GBP/USD: Hanging Man Endangers Recovery
Choppy price action in intraday trade has left few signals to take cues from. Selling pressure is evident at the 1.6290 mark, yet a void of bearish signals leaves a question mark over the prospect of a correction.
GBP/USD: Consolidation Leaves Void Of Key Reversal Patterns
By David de Ferranti, Currency Analyst, DailyFX
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