The GBP/USD pair initially fell during the day here on Tuesday, but found enough support below the 1.50 level to turn things back around and form a relatively positive looking hammer. The question now is whether or not we can bounce from here. At this point in time it’s very unlikely that the markets are ready go higher for any significant move, so we look at rallies as potential selling opportunities. We also look at a break down below the bottom of the candle for the day on Tuesday as a selling opportunity.
