GBPUSD Price Pattern Analysis - Short, Stop: 1.5770 (Close), Target: 1.5450

• Strategy: Short, Stop: 1.5770 (Close), Target: 1.5450
• Doji Suggests Bulls Reluctant To Return
• Short Body Candles Indicate Indecision

GBP/USD has posted a Doji on the daily, which does little to inspire confidence in the reversal signal offered by a Morning Star pattern. This leaves broader negative technical cues to linger. Further, the presence of a short-term downtrend puts the focus on 1.5585, which if broken may open the 1.5425 floor (the late August ’13 low).

The four hour timeframe paints a similar picture to the daily. A medley of short body candles and Doji formations further indicates a lack of conviction amongst traders.