Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

GBP/USD: Absence Of Bullish Signal's Casts Doubts

Published 07/31/2014, 07:50 AM
Updated 07/09/2023, 06:31 AM

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Evening Star Offered Warning of Weakness Ahead
  • Void Of Bullish Signals Casts Doubt On A Recovery

The pounds’s woes have continued following an Evening Star formation on the daily near the pair’s 2014 highs at 1.7170. At this stage buyers appear prepared to support the pound near the 1.6900 handle which could lead a small corrective bounce. However, an absence of bullish reversal signals casts doubt on the potential for a sustained recovery. A daily close below 1.6900 would open the 1.6830 mark.

GBP/USD: Absence Of Bullish Signals Casts Doubt On A Recovery

GBP/USD Daily Chart

An examination of the four hour chart reveals a Bullish Engulfing pattern that yielded an intraday bounce for GBP/USD. However, with 1.6930 capping the pair’s advance it may be difficult for any strength to be sustained.

GBP/USD: Bulls Run Into Wall Following Reversal Formation

GBP/USD Daily Chart

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.