The GBP/USD pair initially fell during the session on Friday, but as you can see gained enough to form a hammer at the top of the most recent parabolic move in this market that has been very bullish for some time. That being the case, we feel that the British pound will continue to strengthen against the US dollar, as it strengthened against most currencies. We think the next target is the 1.65 handle, and therefore will buy and hold for that level. As far as selling is concerned, we would not do so. I look at any pullback as a potential buying opportunity.
Written by FX Empire