GBP/USD: 4-hour
Is that a bearish engulfing candlestick pattern I see on GBP/USD's 4-hour chart? Ah, I think it is! The pair, after a strong rally up, seems to have run out of steam. In addition to the reversal candlestick pattern, the Stochastic is also pointing down and moving out of the overbought territory. If this continues, we may see the pair pullback to the Fibonacci retracement levels that I drew.