GBPUSD: While The Hammer Bottom Remains Unbroken, GBP May Trace Our A Corrective Recovery.
GBPUSD: As long as the bottom (1.5265) of a hammer candle pattern (bottom reversal signal) formed Friday remains unbroken, the pair looks to consolidate with potential for corrective upside recovery towards its psycho level at the 1.6000 level initially with a breach of there setting the stage for further higher prices towards the 1.6576 level, its Jan’03 low. We still see these two levels capping further upside moves and turning the pair lower in alignment with its medium to longer term weakness. Downside objectives are located at its Aug’2003 low at 1.5471 ahead of the 1.5219 level, its Oct’02 low. Beyond the latter will target its psycho level at 1.5000.All in all, GBP’s medium to long term trend remains lower but could experience a corrective upside in the days ahead.
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