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Forex Strategy: GBP/USD Uptrend Resumes Post Inverted Hammer Formation

By , Currency Analyst
26 February 2014 11:49 GMT

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Talking Points

  • GBP/USD Technical Strategy: Longs preferred as gains resume
  • 1.6600 offering noteworthy support for prices
  • Potential target for longs at overhanging resistance at 1.6820

The GBP/USD has bounced off key support at the psychologically significant 1.660 level as bulls have once again taken charge on the pair. This follows the formation of an Inverted Hammer candle on the daily that suggested recent declines were nearing an end.

The reversal higher may see sellers emerge at the high for the year at 1.6820 which may offer a potential target for longs.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_GBPUSD_Uptrend_Resumes_Post_Inverted_Hammer_Formation__body_Picture_1.png, Forex Strategy: GBP/USD Uptrend Resumes Post Inverted Hammer Formation

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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26 February 2014 11:49 GMT