The GBP/USD pair fell during the course of the session on Friday, but found enough buyers and the 1.54 level to form a hammer. However, there is still a significant amount of resistance above at the 1.55 level. There is also an uptrend line that we have broken down below now, and it should be resistance. Any resistance at that level or the 1.55 handle as well would be a selling opportunity. We believe that the market would then head down to the 1.52 level. However, if we break above the uptrend line, we feel the market will then head to the 1.58 handle.
