The GBP/USD pair initially fell during the course of the day on Friday but turned around to form a bit of a hammer. That being the case, looks as if we are going to get a bit of a bounce. However, this is certainly a very negative marketplace, and I believe that there is more than enough bearish pressure above that sooner or later the sellers will get involved again. I think that we are simply trying to build enough momentum to finally break down below the 1.20 level below, but it is going to take quite a bit of back and forth.
