The GBP/USD pair fell initially during the course of the session on Tuesday, but found enough support near the 1.5350 level to turn things back around and form a bit of a hammer. Because of this, it appears that we are going to continue to have massive amounts of volatility in this market as we are most certainly going to continue to see a lot of pressure in both directions. If we can break above the 1.55 level, the market should then reach towards the 1.57 handle. Break down below the bottom of the hammer on Tuesday since this market looking for the 1.5250 region.
