The GBP/USD pair fell during the session on Friday, but as you can see found enough support at the 1.55 level in order to form a hammer. This hammer suggests that we are going higher, and as a result we would be willing to buy on a short-term trade idea on a break of the highs from the Friday session. We expect to see the 1.57 level offer a bit of resistance, but ultimately this pair should continue higher as the momentum is definitely with the buyers. Selling is an even a thought at this moment in time, although a break of the lows of the Friday hammer would suggest continued weakness.
Written by FX Empire