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GBP/USD Missing Bullish Cues From Candlesticks Near Critical Barrier

Published 10/15/2014, 03:01 AM
Updated 07/09/2023, 06:31 AM

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • BullishReversal Signals Lacking On The Daily
  • Eyes On H4 For Early Signs Of An Intraday Bounce

GBP/USD is left at a critical juncture near the 1.5880 floor with bullish reversal signals lacking. A daily close below the nearby barrier would potentially open the way for a descent towards the mid-September 2013 low near 1.5770.

Traders should note that upcoming UK employment figures hold the potential to spark significant volatility for the GBP, which could negate technical signals offered.

GBP/USD: Void Of Bullish Signals At Key Support

GBP/USD Daily Chart

The four hour chart reveals a Bullish Engulfing formation taking shape in intraday trade. However, the key reversal pattern requires the close of the current candle and a successive up-period in order to be confirmed. An intraday advance is likely to see selling pressure renewed at former support-turned-resistance at 1.5945.

GBP/USD: Key Reversal Pattern Emerging In Intraday Trade

GBP/USD 4 Hour Chart

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