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Forex Strategy - GBP/USD Hammer Hints At Advance to Range-Top

Forex Strategy - GBP/USD Hammer Hints At Advance to Range-Top

David de Ferranti, Currency Analyst

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Talking Points

  • GBP/USD Technical Strategy: longs preferred
  • Range between 1.6600 and 1.6765/70 intact
  • Hammer formation suggests a potential bounce

The range between 1.6600 and 1.6765/70 for the Pound remains in force. With a Hammer candle formation having emerged on the four hour chart, and a Doji on the daily, a bullish reversal towards the range-top looks possible.

The 50% Fib Retracement level at 1.6690 is likely to offer some resistance in the session ahead.

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

Forex_Strategy_-_GBPUSD_Hammer_Hints_At_Advance_to_Range-Top_body_Picture_3.png, Forex Strategy - GBP/USD Hammer Hints At Advance to Range-Top

4 Hour Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_GBPUSD_Hammer_Hints_At_Advance_to_Range-Top_body_Picture_2.png, Forex Strategy - GBP/USD Hammer Hints At Advance to Range-Top

Daily Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_GBPUSD_Hammer_Hints_At_Advance_to_Range-Top_body_Picture_1.png, Forex Strategy - GBP/USD Hammer Hints At Advance to Range-Top

Weekly 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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