The GBP/USD pair fell during the Friday session, but bounced enough in order to form a hammer by the end of the session. We are well above the 1.61 handle, and the bullish move from Thursday appears to be sticking with the market. Because of this, we feel that a break of the highs from the Thursday and Friday candles would be enough to get us to start buying again. We think that the markets going to aim for the 1.63 handle, and in fact that is our target. However, if we managed to break through that we should continue much higher than and possibly as high as 1.70 before the entire move is done. As for selling, we have no plans to do so.
Written by FX Empire