The GBP/USD pair fell during the session on Thursday, but found enough support to form a hammer. This hammer suggests that the market is in fact going to find significant support here, and stay within the previous consolidation area. With that, I am a short-term buyer of this market as we believe that we will attempt to break through the 1.65 handle yet again. If we can get above there, and more importantly the most recent high, we believe this market will eventually hit the 1.70 level. In the meantime, we are cautiously optimistic.
Written by FX Empire