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Forex Strategy: GBP/USD Advances Further Post Hammer Candle

Forex Strategy: GBP/USD Advances Further Post Hammer Candle

2014-05-22 08:25:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Pending Long
  • Hammer formation helped signal bounce
  • Daily close above resistance to open further gains

GBP/USD continues its ascent following the Hammer formation on the daily which suggested a shift in sentiment for the pair near 1.6760. While there are some signs of hesitation amongst traders at the psychologically-significant 1.6900 handle, a bearish reversal signal is yet to emerge. A daily close above 1.6900 would suggest the bulls remain in control of prices, and would open up a re-test of the 2014 high near 1.7000.

GBP/USD: Close Above 1.6900 To Open Advance On 2014 High

Forex Strategy: GBP/USD Advances Further Post Hammer Candle

Daily Chart - Created Using FXCM Marketscope 2.0

Examining intraday price action; the Harami near 1.6900 has failed to find much follow-through. With prices probing above 1.6900 a bearish candlestick pattern is notably absent. This suggests gains may be set to continue over the session ahead.

GBP/USD: Harami Finds Little Follow-Through As Prices Probe Above 1.6900

Forex Strategy: GBP/USD Advances Further Post Hammer Candle

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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