The GBP/USD pair fell during the session initially on Monday, but bounced enough off of the 1.67 level in order to form a hammer. We believe that this market is finding enough support near that we will ultimately go higher again, probably testing the 1.7 level in order to breakout to the upside. A move above that level would in fact be very bullish, and we should head to the 1.75 level at that point in time. We are not sellers, as we believe that this area will be certainly supportive enough to keep the market higher.
