The GBP/USD pair fell during the session on Friday, continuing the move below the 1.5250 handle, but bounced in the end in order to form a hammer. This market should see significant support in this general vicinity, and we think a balance is very likely. However, we are not interested in buying this market as we think this bounce will simply be a selling opportunity by the time it’s all said and done. As far as selling at lower prices, if we managed to break the bottom of the hammer from the Friday session, we would be forced to go ahead and do their as we think the market would be heading to the 1.50 handle at that point.
Written by FX Empire