The GBP/USD pair fell during the session on Friday, but as you can see bounced at the 1.6250 level in order to form something along the lines of a hammer for the daily candle. If the top of the candle gets broken to the upside though, we feel this market will continue to go higher and reach the top of the consolidation area at the 1.6450 level. However, we think that eventually the market will break above the 1.65 handle, but believe that move is probably unlikely until after we get through the holidays.
Written by FX Empire