GBP/USD Forecast November 6, 2014, Technical Analysis

The GBP/USD pair fell during the bulk of the session on Wednesday, but found enough support below to turn things around and form a hammer. This hammer of course suggests that there is buying pressure below, and as a result we should continue to see buyers step been on a break above the top of the hammer. There is an interest-rate decision out of the Bank of England today, so do expect quite a bit of volatility. If we do break higher though, we anticipate that this market will more than likely head to the 1.62 level.