OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD bulls are losing their breath

The graceful upward trajectory staged by the GBP/USD on the daily chart, finds an offsetting bearish harami, a pattern comparable to an Western inside bar.

Prices challenged the 21-period 2-standard deviation upper band by printing outside of its boundaries in the last two days. The bearish pattern also happens in the context of a 14,3,3-sensitive stochastic tracking above the 80 mark. Although this oscillator assumes that prices tend to close near their high in an upwardly trending market, it should now react with any eventual daily close near the lows.

Traders might seach for this price confirmation as well as an invalidation of the pattern in the form of a new daily high.

GBP/USD fell short of 23.6% of retracement

The technical recovery in the GBP/USD did not even manage to take the pair to 23.6% retracement of the last week’s fall located at 1.5138.
Read more Previous

AUD: NAB business survey fails to spark RBA’s rate cut hopes - TDS

Prashant Newnaha, Rates Strategist at TD Securities, notes that there is nothing in today’s NAB Business survey to suggest the RBA needs to cut rates.
Read more Next
Start livechat