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Jan 17 - 07:55 AM

GBP/USD - Weeklies Warn Of A Direction Change

By Peter Stoneham  —  Jan 17 - 05:50 AM

• Daily chart has a potential bearish continuation pattern

• Recent loss consolidation between 1.2100 and 1.2306

• However, modest gains on the week have formed a doji candle

• Doji candles can warn of a direction change

• Weekly RSI is also showing an over sold condition

• Daily RSI is also over sold and negative momentum stretched

• For now sterling bear trends are intactGBP/USD Trader: [page:2338]
GBP/USD Weekly candle chart:


GBP/USD daily candle chart:


(Peter Stoneham is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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