GBP/USD Promises Push Higher Post Morning Star Candlestick Pattern

BP/USD Technical Strategy: Longs Preferred

Morning Starsuggests potential for further gains

Bearish patterns remain absent on the daily

GBP/USD’s promises a further push higher following a Morning Star formation on the daily. With current levels not witnessed since 2008, definitive areas of resistance are not easily identifiable. This suggests traders may defer to psychologically-significant handles to look at taking profits and puts 1.7200 on the radar.

Drilling down to the four hour chart; a Dark Cloud Cover pattern had hinted at a reversal in intraday trade, yet failed to find follow-through. This suggests the bulls remain in control and creates doubt over a potential pullback.