We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Canadian Dollar Price Forecast: USD/CAD Pullback from Key Resistance https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2019/11/18/canadian-dollar-price-forecast-usd-cad-usdcad-pullback-from-key-resistance-js55.html $USDCAD $CAD https://t.co/ej4Dc68AMD
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.13% Gold: 0.09% Oil - US Crude: -1.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cELW1vxYBB
  • Heads Up:🇺🇸 USD NAHB Housing Market Index (NOV) due at 15:00 GMT (15min), Actual: N/A Expected: 71 Previous: 71 https://www.dailyfx.com/economic-calendar#2019-11-18
  • LIVE NOW: Join Senior Strategist @JWagnerFXTrader as he identifies current trading opportunities using several tools including Elliot Wave and support/resistance. Register here: https://www.dailyfx.com/webinars/963207267?CHID=9&QPID=917720
  • The latest US-China trade talk news seems to have had a negative impact on the Aussie as well, though $AUDUSD is still finding support at the 0.6800 handle so far https://t.co/iIq8dXWd8X
  • $USDCNH jumping as you'd expect https://t.co/Jxx1zAhTwk
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.07% US 500: -0.09% France 40: -0.49% Germany 30: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/D7ld6wtiXN
  • Spooz coming under pressure as well headed into the NY open $ES_F https://t.co/2qUl8lreQc
  • Gold surging while Treasury yields plunging in response to latest US-China trade talk headlines sending a sour tone $XAUUSD $TNX $GLD #US10YR https://t.co/ruEsKggEAs
  • Sterling continues to price in the good news with $GBPUSD nearing 1.3000 and looking to test highs last seen in early May. Get your market update from @nickcawley1 here: https://t.co/5LGANmVyT7 https://t.co/HAFfl0wld2
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
Share:

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

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.