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GBP/USD Recovery Falters As Harami Fails To Find Follow-Through

GBP/USD Recovery Falters As Harami Fails To Find Follow-Through

2014-08-13 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 is struggling to recover lost ground as traders seemingly look past a Harami candlestick pattern on the daily. Given the presence of a short-term downtrend for the pair a daily close above the nearby 1.6830 hurdle would be required to validate the bullish reversal signal. However, at this stage the immediate risk remains lower for a retest of the recent lows near 1.6730.

GBP/USD: Harami Fails To Find Follow-Through

GBP/USD Recovery Falters As Harami Fails To Find Follow-Through

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

The four hour chart offered an early indication of an intraday bounce for GBP/USD near the 1.6760 floor. However, several Doji candlesticks near the 1.6810 mark denote significant hesitation amongst the bulls to lead the pair higher. This casts some doubt over the potential for a sustained recovery for the Pound.

GBP/USD: Supported In Intraday Trade At 1.6760

GBP/USD Recovery Falters As Harami Fails To Find Follow-Through

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

By David de Ferranti, Currency Analyst, DailyFX

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