GBP/USD Forecast May 27, 2015, Technical Analysis

The GBP/USD pair fell initially during the day on Tuesday, but found enough support near the 1.54 level to turn things back around and form a hammer. This is the area that we set had to hold as support in order for the uptrend to continue. Because of this, if we can get back above the 1.55 handle, we are buyers and anticipate the pair to reach towards the 1.57 handle. On the other hand, if we break down below the bottom of the hammer, we are sellers as the market should then head to the 1.51 level.