GBP/USD Harami Near Resistance Suggests Further Falls Ahead
- GBP/USD Technical Strategy: Pending Short
- Harami near resistance suggests further falls ahead
- Buyers likely to emerge near 1.6660
GBP/USDmay extend its recent declines following the emergence of a Harami candlestick pattern near the 1.6830 resistance level. Given the next noteworthy support level rests at 1.6660, there is some considerable room for a further correction.
Daily Chart - Created Using FXCM Marketscope 2.0
Examining the four hour chart there appears to be some intraday support for the Pound at 1.6770 which may help arrest declines. However, with a bullish reversal signal still absent, the potential for a bounce looks limited at this stage.
GBP/USD: Bullish Signal Missing In Intraday Trade
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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