GBP/USD Harami Finds Little Follow-Through Near Key Support
- GBP/USD Technical Strategy: Longs Preferred
- Harami on the daily finds little follow-through
- IntradayDoji suggests potential bounce to 1.6995
GBP/USDhas posted a Harami candlestick pattern following a modest pullback in recent trading. However while considered a sign of hesitation from the bears, a more material correction has failed to materialize. With critical support nearby thereby buyers may look to return and push prices back towards the 1.7000 handle.
Daily Chart - Created Using FXCM Marketscope 2.0
Intraday price action on the four hour chart reveals a Doji formation which suggests sellers are hesitant to push prices below the psychologically-significant 1.6900 handle. In the context of an longer-term uptrend, the pullback may afford new long entries.
GBP/USD: Rally Stalls At 1.6990
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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