GBP/USD Technical Analysis for May 10, 2011

The GBP/USD fell today, but only to form a nice bullish hammer at the all-important 1.64 level. This looks very bullish at these levels, and we should see a move up if we can break higher from this area if we go higher than today’s highs. The area below is simply too choppy to break through to the downside as there is nothing but messy bullishness below there.

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