GBP/USD Set To Post Bullish Engulfing Pattern As Recovery Continues

GBP/USD Technical Strategy: Pending Long

Bullish reversal pattern forming on the daily chart

Bearish formations absent in intraday trade

GBP/USD’s recovery is set to yield a Bullish Engulfing pattern on the daily chart if the current candle manages to close near present levels. The key reversal pattern would suggest a run on the recent highs at 1.7170 and be the first step towards an upside breakout.

GBP/USD: Bullish Engulfing Pattern Forming On Daily

Drilling down to the four hour chart; several Doji formations near 1.7060 denoted hesitation from traders to push past the key technical level. With bearish patterns absent in intraday trade at this stage a pullback for the Pound looks doubtful.

GBP/USD: Bearish Patterns Absent In Intraday Trade