GBP/USD fell during the Friday session, but found plenty of support at the 1.60 level in order to form a hammer. This hammer suggests to us that the 1.60 level will firm up this pair, and as a result we are willing to buying a break of the Friday highs. We are still bullish of this currency pair, and look for pullbacks to not only buy this currency pair but also add to our position as well. As for selling, we see no reason to do so until we managed to break down below the 1.58 level.
Written by FX Empire