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GBP/USD Plunge Sees Inverted Hammer Candlestick Take Shape

GBP/USD Plunge Sees Inverted Hammer Candlestick Take Shape

2014-09-08 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Plunge Leaves Bullish Reversal Signals Lacking
  • H4 Harami Fails To Find Follow-Through

GBP/USD’s woes have worsened after an absence of bullish reversal candlesticks dashed hopes of a recovery for the pair. An Inverted Hammer formation now appears to be taking shape in intraday trade. This could offer a precursor for a corrective bounce if confirmed by the close of the current candle and an ensuing up-day. However, against the backdrop of a pronounced downtrend a sustained recovery may prove difficult.

GBP/USD: Descent Leaves Bullish Signals Lacking

GBP/USD Plunge Sees Inverted Hammer Candlestick Take Shape

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

A Harami pattern suggested that the bears had lost momentum in intraday trade. Yet the key reversal pattern failed to find follow-through, which in turn casts some doubt over the potential for a recovery over the session ahead.

GBP/USD: Bears Lose Steam, Yet Recovery May Prove Difficult

GBP/USD Plunge Sees Inverted Hammer Candlestick Take Shape

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

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