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GBP/USD Primed For Push To Range-Top On Hammer Formation

GBP/USD Primed For Push To Range-Top On Hammer Formation

2014-07-11 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Narrow range between 1.7100 and 1.1710 remains in play
  • Hanging Manawaits confirmation near key support

GBP/USD continues to keep traders in suspense as the pair wavers within a narrow 70 pip range between 1.7100 and 1.7170. While a Hanging Man warns of a correction, a push lower may be difficult given the close proximity to support. Playing the recent range may offer a better approach than trying to pick a top for the Pound. To this effect the four hour chart offers more timely signals.

GBP/USD: Range Remains In Play

GBP/USD Primed For Push To Range-Top On Hammer Formation

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

Drilling down to the four hour chart; a Hammer formation near 1.7100 heralded an intraday bounce for GBP/USD. With bearish reversal signals absent, the pair could be primed for a push towards the range-top at 1.7170.

GBP/USD: Primed For A Push Higher In Absence of Bearish Signals

GBP/USD Primed For Push To Range-Top On Hammer Formation

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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