GBP/USD Forecast February 11, 2014, Technical Analysis

The GBP/USD pair went back and forth on Monday, hovering around the 1.64 level. The fact that we have not pulled back after forming such a positive candle on Friday does suggest that perhaps there is still some bullish pressure underneath this market, and we most certainly know that it’s there at the 1.63 handle based upon the triple hammers that we saw last week. With that, we are buying pullbacks as they occur, especially once they form a supportive daily candle. We still think this market goes to the 1.65 handle, and then ultimately the 1.67 level.