The GBP/USD pair initially fell during the session on Friday, but as you can see bounced enough to form a hammer. With this, it appears that the market will continue to consolidate between here and the 1.68 level, but ultimately we think this could be a potential buying signal as we believe ultimately this pair goes to the 1.70 level. If you have enough time and patience, this is one of those moves that could grind out nice profits for you, but you have to be cognizant that it’s going to be a grind, and not some type of shot higher.
