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GBPUSD - Harami Awaits Confirmation Near Key Barrier, Lacking Reversal Signs In Intraday Trade

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by , 11-10-2014 at 04:26 PM (776 Views)
      
   
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.

[U]Harami Awaits Confirmation Near Key Barrier
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[IMG]https://media.dailyfx.com/illustrations/2014/11/10/GBPUSD-Harami-Formation-Awaiting-Validation-From-Close-Above-1.5880_body_Picture_2.png[/IMG]

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.

[U]Lacking Reversal Signs In Intraday Trade
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[IMG]https://media.dailyfx.com/illustrations/2014/11/10/GBPUSD-Harami-Formation-Awaiting-Validation-From-Close-Above-1.5880_body_Picture_1.png[/IMG]

By David de Ferranti, Currency Analyst, DailyFX

[URL="http://www.dailyfx.com/forex/technical/candlesticks/gbp-usd/2014/11/10/GBPUSD-Harami-Formation-Awaiting-Validation-From-Close-Above-1.5880.html?DFXfeeds=forex:technical:candlesticks:gbp-usd"]More...[/URL]

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