GBP/USD Bearish Pattern Puts 1.6660 In Focus
- GBP/USD Technical Strategy: Shorts Preferred
- 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 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 a Hammer formation provides an indication that the bears may have lost steam in recent trading. However, given resistance hangs nearby at 1.6770 a recovery may prove limited.
GBP/USD: Hammer Suggests Bears In Doubt
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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