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GBP/USD Bearish Pattern Puts 1.6660 In Focus

GBP/USD Bearish Pattern Puts 1.6660 In Focus

David de Ferranti, Currency Analyst

Talking Points

  • 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.

GBP/USD: Harami Puts Pressure On The Pound

GBP/USD Bearish Pattern Puts 1.6660 In Focus

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

GBP/USD Bearish Pattern Puts 1.6660 In Focus

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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