Resistance: 1.564 strong / 1.569 moderate / 1.579 minor
Support: 1.554 moderate / 1.548 minor / 1.538 minor
GBPUSD is in a bear market with the low level bullish candlestick pattern Bullish Harami suggesting we look for a turn-around. Consider buys off the immediate support 1.554, or on a bullish confirmation from the subsequent candlestick. A stop loss should be placed just below 1.554 while the immediate target is 1.564, the Pivot Point. A close above 1.564 will have us looking for a rally to 1.569.
For pattern explanation and visual identification rules, click here.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To Look At Prices