News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Reminder that the 21st OPEC and non-OPEC Ministerial Meeting is scheduled for October 4th
  • Vitol says OPEC+ may need to raise oil output more than expected #OOTT
  • Heads Up:💶 ECB Forum on Central Banking due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/eEZBN4XkZH
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/IWJpr6mWP0
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/NIdzQkSA9f
  • 🇫🇷 Consumer Confidence (SEP) Actual: 102 Expected: 100 Previous: 99 https://www.dailyfx.com/economic-calendar#2021-09-28
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/stdtgSQU9M
  • Heads Up:🇫🇷 Consumer Confidence (SEP) due at 06:45 GMT (15min) Expected: 100 Previous: 99 https://www.dailyfx.com/economic-calendar#2021-09-28
  • 🇩🇪 GfK Consumer Confidence (OCT) Actual: 0.3 Expected: -1.6 Previous: -1.1 https://www.dailyfx.com/economic-calendar#2021-09-28
GBP/USD Harami Awaiting Confirmation To Suggest Sustained Recovery

GBP/USD Harami Awaiting Confirmation To Suggest Sustained Recovery

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Harami Forming, Yet Awaits Close of Current Candle
  • Leap Above 1.6660 Required To Suggest A Recovery

GBP/USD is showing tentative signs of life as a Harami pattern awaits confirmation from the close of the current candle. If validated by a climb over the 1.6660 hurdle and ensuing up-day the reversal pattern could suggest a corrective bounce. However, against the backdrop of a sustained downtrend some a more sustained recovery may warrant some doubt.

GBP/USD: Awaiting Candle Close For Bullish Signal

GBP/USD Harami Awaiting Confirmation To Suggest Sustained Recovery

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

The four hour chart tells a similar narrative to the daily. A Bullish Engulfing formation is being etched out yet awaits the close of the current candle to confirm the reversal signal. Some skepticism over further gains may also be warranted given the 1.6660 barrier looms nearby.

GBP/USD: Bullish Pattern Being Etched Out In Intraday Trade

GBP/USD Harami Awaiting Confirmation To Suggest Sustained Recovery

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES