The GBP/USD pair initially fell during the day on Thursday, but found enough support at the 1.52 level to turn things back around and form a hammer. This hammer of course suggests that the market should go higher, and we do believe that ultimately this market will go to the 1.55 handle. We have no interest in selling, and believe that pullbacks will simply offer value that buyers will take advantage of. We believe that the “floor” in this marketplace is somewhere near the 1.50 level. With that, we are “buy only.”
