The GBP/USD pair initially fell during the session on Monday, but bounced enough to form a hammer that is essentially centered on the 1.67 level. With that, we believe that the market continues to go higher. A break above the top of the hammer for the session would in fact be a buy signal, which should send this to the 1.68 handle, and then the 1.70 level given enough time. We do ultimately believe the 1.70 will be targeted, but recognize that we could have a bit of back and forth between here and there.
