The GBP/USD pair initially tried to fall during the course of the day on Thursday, but found enough support below to turn things back around and form a hammer. The hammer of course is a bullish sign, so we feel that this market may be getting ready to break out to the upside. If we can get above the 1.57 handle, we feel that this market then goes to the 1.58 level. Pullbacks should continue to be bought, because quite frankly there is more than enough support down at the 1.55 level, as well as the 100 day exponential moving average and the uptrend line below there.
