The GBP/USD pair fell for much of the Tuesday session, only to bounce again and form a hammer at the 1.57 level. The area has been support previously, and the market should be support now. The hammer is indeed a good sign for the Pound, and it appears that the market wants to take this pair much higher. The hammer is the second in a row, and as a result – the upside is probably the most reliable to us. With this in mind, we are buying on a break above the highs from the Tuesday session. If the Fed ends up easing later today – this pair could move rapidly.
Written by FX Empire