GBPUSD: Weakness Hinted at Key Resistance
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.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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