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GBP/USD bulls are losing their breath

The graceful upward trajectory staged by the GBP/USD on the daily chart, finds an offsetting bearish harami, a pattern comparable to an Western inside bar.

Prices challenged the 21-period 2-standard deviation upper band by printing outside of its boundaries in the last two days. The bearish pattern also happens in the context of a 14,3,3-sensitive stochastic tracking above the 80 mark. Although this oscillator assumes that prices tend to close near their high in an upwardly trending market, it should now react with any eventual daily close near the lows.

Traders might seach for this price confirmation as well as an invalidation of the pattern in the form of a new daily high.

EUR/USD testing Friday’s lows, near 1.0970

The EUR/USD pair finally gave away the 1.10 handle and accelerated to the downside in the mid-European trades, failing to benefit from weak European stocks amid broad based US dollar rebound.
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