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GBPUSD is breaking to be 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.
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.
