GBP/USD forms a dark cloud cover
|A bearish reversal pattern has been detected on the GBP/USD daily chart.
Demand couldn't be sustained and the exchange rate lost ground, falling below the midpoint of the previous candle's body. This pattern indicates an opportunity for traders to capitalize on a trend reversal by positioning themselves short at the opening of the next candle.
It may also be used as a warning sign for bullish positions as the exchange rate is reacting to overhead supply.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.