The GBP/USD pair fell during the session on Thursday, but found enough support at the 1.6650 level to bounce and form a hammer. This hammer should signal a bounce to the 1.68 level. The area will feature a lot of selling and as a result we are hesitant to start buying at this point. However, if we break down below the bottom of the hammer, that would only increase are bearishness in this marketplace, and we would fully expect to see a move down to the 1.65 handle at that point in time.
