The GBP/USD pair fell during the bulk of the session on Tuesday, but found enough support at the 1.6550 level to turn things back around and form a hammer. This large hammer of course suggests that we are going to stay in the recent consolidation area, so a break of the top of the hammer is enough for us to go ahead and start buying now. We would play a large position, and we don’t necessarily expect major moves, but we do recognize that there is more of an upward bias in this marketplace at the moment.
