The GBP/USD pair initially fell during the course of the session on Monday, but as you can see found enough support to turn things back around and form a nice-looking hammer. With that, we believe that this market is getting ready to bounce and perhaps head to the 1.53 level next. Above there, we then head to the 1.55 handle. This market is starting to show signs of significant support, which of course makes sense as the 1.50 level below is a large, round, psychologically significant number. We have no interest whatsoever in selling.
