The GBP/USD pair fell during most of the session on Wednesday, but bounced in order to form a hammer. The 1.60 level has acted as support again, and it does look like this market wants to go higher. Because of this, we believe that the uptrend is going to continue and offer profits for anybody going long. We could see the 1.62 level as a resistance area, as well as the 1.63 handle. However, looking in this pair on the longer-term charts we still see a lot of value as long as we are above the 1.58 level.
Written by FX Empire