The GBP/USD pair initially fell during the course of the session on Monday, but turn right back around to form a bit of a hammer. The hammer of course is very bullish, and as a result it looks as if we could bounce from here in the short-term. There is the high likelihood that the sellers will return at the first signs of exhaustion, so with that being the case it’s very likely that I will sell this market given enough time. With enough time, I think we will break down below the 1.2850 level below, but we obviously have a way to go.
