The GBP/USD pair fell during the session on Thursday after forming a shooting star on Wednesday, which of course is a classic sell signal. However, the pair pulled back slightly only to bounce and formed a hammer like candle for the Thursday session. Because of this, we believe that this market will continue to grind higher, and try to move above the 1.6200 level in the short-term. As for selling, we see far too many minor support levels below in order to do so. We remain bullish of this marketplace, and still believe in the pair going as high as 1.70 sometime in 2013.
Written by FX Empire