The GBP/USD pair went back and forth on Tuesday, forming a hammer in the end and suggesting that the market is going to go higher. That being the case, we still believe that this market heads towards the 1.55 handle before it’s all said and done, where it will find a significant resistance. At that point time, we will have to reevaluate the market, but in reality it looks like there is very little to stop the market from adding to that area in the short term. For the meantime, we are bullish of the British pound.
Written by FX Empire