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19 Aug 2016
GBP/USD is staging a throwback
The GBP/USD pair pulled off a big reversal on the daily chart and formed a bullish engulfing pattern.
With yesterday's close above the previous day's bearish candlestick body, the reversal pattern buttresses a perspective that an ascending orientation can remain.
On the technical front, the MACD oscillator is printing higher lows while still tracking below its median line. This is indicative of an dwindling upward momentum and may lead to price-indicator divergences.
With yesterday's close above the previous day's bearish candlestick body, the reversal pattern buttresses a perspective that an ascending orientation can remain.
On the technical front, the MACD oscillator is printing higher lows while still tracking below its median line. This is indicative of an dwindling upward momentum and may lead to price-indicator divergences.