The GBP/USD pair fell during the beginning of the session on Friday, bouncing off of the 1.50 level. That being the case, we bounced enough to form a hammer, and it now looks as if we are going to continue consolidating. With that, the market looks as if it is consolidating between the 1.50 level on the bottom, and the 1.53 level on the top. Ultimately, we believe that this market is most certainly in a downtrend but we also recognize that there is a lot of support below all the way down to the 1.48 handle. Because of this, we think that the market will continue to grind sideways in the meantime.
