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GBP/USD Harami Awaiting Confirmation To Suggest Corrective Bounce

GBP/USD Harami Awaiting Confirmation To Suggest Corrective Bounce

2014-08-12 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Harami Lacking Confirmation At This Stage
  • 1.6760 Offering Intraday Support To The Pound

GBP/USD has posted a Harami candlestick pattern on the daily which if confirmed could afford the pair a small corrective bounce. A daily close above the nearby 1.6830 hurdle would be required to validate the bullish reversal signal and re-open the psychologically-significant 1.6900 handle. However, skepticism over a recovery may be warranted given the short-term downtrend remains intact with heavy congestion overhead.

GBP/USD: Harami Awaiting Confirmation To Suggest Corrective Bounce

GBP/USD Harami Awaiting Confirmation To Suggest Corrective Bounce

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

An examination of the four hour chart reveals some noteworthy buying support at the 1.6760 floor. However, the absence of bullish reversal signals casts some doubt over a corrective bounce over the session ahead.

GBP/USD: Supported In Intraday Trade At 1.6760

GBP/USD Harami Awaiting Confirmation To Suggest Corrective Bounce

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

By David de Ferranti, Currency Analyst, DailyFX

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