Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.62585)
The Sterling is looking to complete a base and inch higher. We note the appearance of a morning star on our daily chart, seen below, which is a reversal pattern. It was a successful reversal as it closed on an uptick. We are now eying the resistance at 1.63/1.6350. A close above that targets 1.6450. We have seen several attempts at this scenario over the last several trading days, and they have failed. So, for now, we remain unconvinced.
Looking at the four hour chart below, we see a similar scenario playing itself out. The buyers seem somewhat unconvinced to come out for right now. Please note the last reversal attempt near the technical level near 1.63/1.6295 failed with an engulfing candlestick formation.
