Resistance: 1.5809 strong/1.5849 moderate/1.5914 minor
Support: 1.5744 moderate/1.5704 minor/1.5639 minor
Market bias for GBPUSD is bearish with prices under a strong resistance level at 1.5809 the Pivot Point. Given that Bullish Harami is a low level bullish reversal pattern it is necessary to look for a close above the strong resistance first before taking action. Immediate objective when taking a buy should be a push for 1.5849 break of which opens 1.5914, a stop loss should be placed below the patterns low.
USDCAD Bearish Engulfing Hourly Chart
Resistance: 0.9939 moderate/0.9956 minor/0.9981 minor
Support: 0.9914 strong/0.9897 moderate/0.9872 minor
USDCAD is generally bullish with Hourly Bearish Engulfing occurring near a strong support level at 0.9914, the Pivot Point. With the pivot directly beneath us a close under 0.9914 has to be seen before jumping short. The immediate object will be 0.9897 break of which suggest you have a tanking market with 0.9872 as its target. Stops should be placed above the Pivot Point or alternatively the patterns high.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices