The GBP/USD pair initially fell during the session on Monday, but found enough support below the range for the day that the market bounce back up and formed a hammer. This hammer of course suggests that we are going to more buying pressure, and with that we believe that we are going to go to the top of the recent consolidation area which is the 1.68 level. It will more than likely be a bit of a choppy move higher, but ultimately we believe that we will hit the top of that rectangle that we had previously formed. We also believe that the 1.65 level is now the “floor” in the market.
