- GBP/USD Technical Strategy: Sidelines Preferred
- Void of Bearish Patterns May Open Further Gains
- 1.6450 Mark On The Cards Following Climb Over 1.6270
GBP/USD has resumed is ascent in recent trading with an absence of bearish candlesticks bolstering hopes for a continued recovery. The climb above the 1.6270 hurdle suggests a small base may have formed which opens the prospect of a recovery to 1.6450. Yet some skepticism over a sustained recovery may be warranted given the pair remains within the broader context of a downtrend on the daily.
GBP/USD: Eyes Further Gains With A Morning Star In Its Wake
Choppy price action alongside a pair of Dojis in intraday trade indicates indecision amongst traders. While selling pressure remains evident at the 1.6340 barrier, a void of bearish patterns does little to suggest a correction.
GBP/USD: Dojis Denote Indecision Near Intraday Resistance
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.