The GBP/USD pair initially fell during the course of the day on Wednesday, but found enough support at the 1.40 level to turn things around drastically and form a nice-looking hammer. The hammer of course suggesting that we are going to continue to rise from here, and on a break above the top the hammer, we could very well see a move towards the top of the overall consolidation range, which is somewhere closer to the 1.45 handle. With this, we are short-term buyers, but recognize is going to be difficult to make a large move until we get out of this overall consolidation.
