PATTERNS: Technical Analysis for GBPUSD - Dark Cloud Cover Receives Confirmation with Bullish Engulfing Pattern Emerges On H4

GBP/USD remains in a congestion “zone” with a Dark Cloud Cover formation in the rearview mirror. The key reversal candlestick pattern has received confirmation from a successive down-day, which may herald a return to the recent lows near 1.5950. A more convincing close above the 1.6170 barrier would be required to negate the bearish reversal pattern and open the 1.6400 ceiling.

Recovery Loses Steam As A Bearish Pattern Emerges:

The four hour chart paints a divergent picture to the daily. A Bullish Engulfing formation near the 1.6000 floor signals the potential for an advance over the session ahead. A break above the 1.6130 mark could clear the way for a push towards the recent highs near 1.6210.

There is some other patterns for this pair created by free tools by Metatrader 5 ... together with myself :)

Forming Retracement pattern for downtrend, H1 timeframe:

Bat for downtrend, formed pattern for H2: