![PATTERNS: Technical Analysis for GBPUSD - Dark Cloud Cover Receives Confirmation with Bullish Engulfing Pattern Emerges On H4 PATTERNS: Technical Analysis for GBPUSD - Dark Cloud Cover Receives Confirmation with Bullish Engulfing Pattern Emerges On H4](https://c.mql5.com/6/90/splash-82640.png)
PATTERNS: Technical Analysis for GBPUSD - Dark Cloud Cover Receives Confirmation with Bullish Engulfing Pattern Emerges On H4
14 October 2014, 12:11
![Sergey Golubev Sergey Golubev](https://c.mql5.com/avatar/2012/12/50D09349-3D90.jpg)
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GBP/USD remains in a congestion “zone” with a Dark Cloud Cover
formation in the rearview mirror. The key reversal candlestick pattern
has received confirmation from a successive down-day, which may herald a
return to the recent lows near 1.5950. A more convincing close above
the 1.6170 barrier would be required to negate the bearish reversal
pattern and open the 1.6400 ceiling.
Recovery Loses Steam As A Bearish Pattern Emerges:
The four hour chart paints a divergent picture to the daily. A Bullish Engulfing formation near the 1.6000 floor signals the potential for an advance over the session ahead. A break above the 1.6130 mark could clear the way for a push towards the recent highs near 1.6210.
There is some other patterns for this pair created by free tools by Metatrader 5 ... together with myself :)
Forming Retracement pattern for downtrend, H1 timeframe:
Bat for downtrend, formed pattern for H2: