The GBP/USD pair fell during the day on Friday, but found enough support underneath the 1.25 level to form a bit of a hammer. I believe that we are trying to make a stand here in the buyers will eventually push this market higher. The 1.24 level below extends down to the 1.2250 level as far as support is concerned, and I believe that the British pound is trying to form a major bottom. That’s always a messy affair, so I think that given enough time we will reach towards 1.27 level, perhaps even the 1.2750 level. However, it may not be the easiest move to hang onto.
Written by FX Empire