- GBP/USD Technical Strategy: Sidelines Preferred
- Hanging Man warns of fading conviction from the bulls
- Haramipattern highlights potential for intraday bounce
GBP/USD is at a crossroads after a Hanging Man formation offered a reversal signal near noteworthy resistance at 1.7170. While the candlestick failed to find confirmation from a successive down period, it signifies hesitation from the bulls near the key resistance level.
GBP/USD: Hanging Man Highlights Hesitation From The Bulls
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Drilling down to the four hour chart; the presence of GBP/USD’s recent range is more pronounced. The bounce off support at 1.7100 which yielded a Harami pattern may leave the pair primed for another run on the 1.7170 top.
GBP/USD: Harami May Leave Pound Primed For An Intraday Recovery
4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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