GBPUSD Morning Star (Doji) Hourly Chart

Resistance: 1.5641 strong/1.5679 moderate/1.5723 minor

Support: 1.5597 moderate/1.5559 minor/1.5515 minor

We have a Morning Star (Doji) in GBPUSD Hourly charts suggesting a possible bounce in prices.  The immediate support at 1.5597 is rated as moderate. With a high credibility bullish reversal pattern consider buying from just above 1.5597 the immediate target will be the daily pivot point at 1.5641, break of which suggests a further rally to 1.5679. Stops ideally should be just under 1.5597.


GBPUSD Hammer 4-Hour Chart

Resistance: 1.5641 strong/1.5679 moderate/1.5723 minor

Support: 1.5597 moderate/1.5559 minor/1.5515 minor

GBPUSD is in a bear market with the low level bullish candlestick pattern Hammer suggesting we look for a turn-around. Consider buys off the immediate support 1.5597, or on a bullish confirmation from the subsequent candlestick. A stop loss should be placed just below 1.5597 while the immediate target is 1.5641, the Pivot Point. A close above 1.5641 will have us looking for a rally to 1.5679.

Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices