The GBP/USD pair rose during the Thursday session to trigger buy orders from the hammer that had formed on Wednesday. We are still bullish of this pair, and think that a break above the 1.6050 level will trigger a move up to the 1.62 level. We are willing to buy on dips at this point time, and believe that over the long term we should see much higher prices. The 1.58 level seems to be a “floor” in this marketplace right now, and as such we will treat it as so. As long as we are above that area, we are buying pullbacks, and not selling this pair at all.
Written by FX Empire