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GBP/USD – Hawkish Yellen could derail the recovery

OANDA:GBPUSD   British Pound / U.S. Dollar
Wednesday’s inverted bullish hammer candle along with a bullish price RSI divergence on the 4-hour chart suggests a short-term bottom may be in place at Tuesday’s low of 1.2089.

However, hawkish Yellen could push the pair back to 1.2089. In fact, the rate divergence could take the pair to falling channel support 1.19 levels… although such a move would happen over one week or so.

On the higher side, technical recovery is seen gaining traction once the pair sees a daily close above 1.2325.
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