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GBP/USD Harami Formation Awaiting Validation From Close Above 1.5880

GBP/USD Harami Formation Awaiting Validation From Close Above 1.5880

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Harami Awaits Confirmation Near 1.5880
  • H4 Chart Offered Early Hint At A Bounce

GBP/USD is poking above the 1.5880 mark in the wake of a Harami pattern. A close above the barrier would help confirm the key reversal formation and open the prospect of a more sustained recovery. Selling interest would likely be renewed at the 1.6170 ceiling. A slide back below 1.5880 would see the risks skewed towards the Mid-September 2013 low near 1.5770.

GBP/USD: Harami Awaits Confirmation Near Key Barrier

GBP/USD Harami Formation Awaiting Validation From Close Above 1.5880

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

The four hour chart offered an early bounce signal in the form of a Morning Star formation. With bearish patterns seemingly lacking a push higher over the session ahead may be achievable. Yet it should be monitored closely for signs of exhaustion that could be evidenced by Doji candlesticks.

GBP/USD: Lacking Reversal Signs In Intraday Trade

GBP/USD Harami Formation Awaiting Validation From Close Above 1.5880

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

By David de Ferranti, Currency Analyst, DailyFX

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