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