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Monitoring The Hammer Candle Pattern

GBPUSD TECHS
  • RES 4: 1.1287 20-day EMA
  • RES 3: 1.1274 High Sep 23
  • RES 2: 1.1000 Round number resistance
  • RES 1: 1.0931 High Sep 26
  • PRICE: 1.0799 @ 06:27 BST Sep 29
  • SUP 1: 1.0541/0350 Low Sep 28 / All Time Low
  • SUP 2: 1.0203 3.236 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 3: 1.0108 3.382 proj of the Jun 16 - Jul 14 - Aug 1 price swing
  • SUP 4: 1.0032 3.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing

Bearish trend conditions in GBPUSD remain intact although activity is likely to stay volatile near-term. Monday’s low of 1.0350 is a key short-term support. The primary trend is down and a break of this level would confirm a resumption of bearish activity. Note that Monday’s price pattern is a hammer candle and a potential reversal signal. A break of Monday’s 1.0931 high is required to strengthen this signal and this would highlight a short-term base.

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