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GBP/USD Harami Finds Little Follow-Through Near Key Support

GBP/USD Harami Finds Little Follow-Through Near Key Support

2014-05-09 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

GBP/USD: Harami Sees Little-Through

GBP/USD Harami Finds Little Follow-Through Near Key Support

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

GBP/USD Harami Finds Little Follow-Through Near Key Support

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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