- GBP/USD Technical Strategy: Sidelines Preferred
- Recovery invalidates Harami pattern on the daily
- Run on 2014 high near 1.7000 to test bulls’ resolve
GBP/USDhas powered through multiple resistance levels as the pair pushes towards its 2014 high near 1.7000. At this stage we’re yet to see a bearish reversal pattern emerge, which casts doubt over the potential for a correction.
Daily Chart - Created Using FXCM Marketscope 2.0
Similarly on the four hour chart a bearish pattern has failed to arise as the Pound continues is ascent. However, the psychologically-significant 1.7000 level nearby may prompt some hesitation amongst the bulls.
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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