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GBP/USD At A Critical Juncture Near Key Resistance

Published 06/16/2014, 08:01 AM
Updated 07/09/2023, 06:31 AM

Technical Strategy: Sidelines Preferred

The GBP/USD is at a critical juncture as the pair teases at a breakout above the psychologically-significant 1.7000 handle. While a Doji appears to be forming on the daily, it may not be sufficient to suggest a correction at this stage. A close of the candle and successive down session would help offer a signal of a pullback. Conversely, a daily close above 1.7000 would suggest enough conviction amongst the bulls to make a run higher and open the next psychologically-significant level at 1.7100.

GBP/USD: Awaiting Signal Near Key Resistance

GBP/USD Daily Chart

 

Drilling down to the four hour chart, a Shooting Star formation may be an early warning for GBP/USD. The pattern awaits confirmation from a second down-period, which could prompt a pullback towards 1.6900.

GBP/USD: Shooting Star May Offer Early Warning

GBP/USD Daily Chart

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