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GBP/USD Doji Indicates Indecision Near Critical Range-Bottom

ByDailyfx
Published 12/01/2014, 06:22 AM
British Pound US Dollar
-0.01%

Talking Points

  • Strategy: Flat, Short Pending On Close Below 1.5585
  • Awaiting Guidance Near Key Technical Barrier
  • Morning Star Taking Shape On H4 Chart

GBP/USD is once again pressing against its range bottom near 1.5585 as a Doji emerges on the daily. The pattern suggests reluctance from the bears to drag the pair lower. Yet it is not a key reversal pattern, which in turn casts some doubt over the potential for a bounce back to the 1.5800 ceiling.

GBP/USD: Doji Emerging Near Range-Bottom

GBP/USD Daily Chart

The four hour timeframe is beginning to paint a more constructive picture. The close of the current candle in its present position would mark a Morning Star formation. Such a bullish reversal signal would return the risks higher towards the 1.5800 mark.

GBP/USD: Morning Star Taking Shape In Intraday Trade

GBP/USD 4 Hour Chart

Original post

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