The GBP/USD pair initially fell on Friday, but found enough support below to turn things back around and form a hammer. The hammer of course is a bullish sign, and the fact that we broke above the 1.58 level previously suggests to us that the market is entering the next leg higher overall. We believe that it’s only a matter of time before the market grind its way towards the 1.60 handle. With no interest in selling, and believe that every time we pullback it will simply be a buying opportunity as the British pound continues to strengthen in general.
