The GBP/USD pair initially fell during the session on Monday, and sliced below the 1.48 level to start showing weakness. However, we found enough support there to turn things back around and form a hammer. This hammer of course suggests bullishness but we think that the 1.50 level above continues to offer resistance, so really at this point in time we feel that this is going to be more consolidation going forward. We’re going to wait to see if we get some type of resistive candles above in order to start selling yet again.
