The GBP/USD pair fell initially during the day on Thursday, but just as we have seen all week, this market found buyers and we turned back around to form a hammer yet again. Because of this, we feel that this market will more than likely bounce, perhaps reaching towards the 1.53 level before it’s all said and done. We still believe that the downward pressure will be fairly strong, so we are simply looking for exhausted candles above to start selling and will ignore buying signals at the moment. The US dollar remains very strong, and we choose not to fight its strength.
