The GBP/USD pair fell initially during the session on Monday, but found support at the 1.60 level again and shot straight through the 1.61 handle by the end of the session. The resulting candle is very much like a hammer, and simply repeats the supportive nature that we saw in this market on Friday. After all, Friday’s candle was a hammer as well and this is simply reinstates and reinforces that sentiment. With this being said, we are already long of this market, but would also be willing to add to our position on a break of the highs from Monday. As for selling, we have no intention of doing so right now.
Written by FX Empire