Technical Analyst, Saxo Bank Group
If GBPUSD closes around current levels (around 1.07) or higher it would have formed a Hammer candle (Small body with lower shadow at least 2-3 times as long as the body and no or very short upper shadow) on the daily chart. It would be an indication of a bottom and reversal that can initiate a rebound to around 1.1065 i.e. the 0.382 retracement of the past two months of sell-off.
BUT market is still open and the picture can change.
If GBPUSD at the end of today’s price range – or lower – more down side is like. Parity would be in sight.
Weekly RSI has broken its rising trend and made a new low supporting a continued bearish outlook.
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