Forex Strategy - GBP/USD Hammer Hints At Advance to Range-Top
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- 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.
4 Hour Chart - Created Using FXCM Marketscope 2.0
Daily Chart - Created Using FXCM Marketscope 2.0
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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