GBP/USD Forecast July 17, 2015, Technical Analysis

The GBP/USD pair initially fell during the course of the day on Thursday, but found enough support near the 1.56 level to turn things back around and form a bit of a hammer. That hammer is the second day in a row that we have seen one, and as a result it appears that the British pound should continue to go higher. With this, we believe that the market is heading towards the 1.58 level, as it is obvious that the British pound is attracting more and more buyers going forward. We believe that the 1.55 level is support.