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GBPUSD: Weakness Hinted at Key Resistance

GBPUSD: Weakness Hinted at Key Resistance

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Short

GBPUSD put in a bearish Harami candlestick below resistance at 1.5875, a formidable pivot that has acted as both significant support and resistance over recent months, hinting a pullback is ahead. However, a Harami pattern is not a very strong signal by itself so confirmation is needed on the close of the current bar before the setup can be called actionable. As such, we will remain on the sidelines for now. Initial support lines up at 1.5726.

GBPUSD_Weakness_Hinted_at_Key_Resistance_body_Picture_5.png, GBPUSD: Weakness Hinted at Key Resistance

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.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 ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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