GBPUSD: Bearish Turn Hinted Below 1.58
Strategy: Pending Short
GBPUSD put in a bearish Hammer candlestick below resistance at 1.5778, the July 12 low, hinting a reversal lower is ahead. We will wait for confirmation of the turn on a daily close below 1.5661, the midpoint of the October 12 candle, to actively look for selling opportunities.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail email@example.com. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.