GBP/USD Forecast March 2, 2015, Technical Analysis

The GBP/USD pair fell during the course of the session on Friday, but as you can see found enough support at the 1.54 level to turn things back around and form a hammer. With that, it appears of the market is ready to grind higher, but there is a significant amount resistance of the 1.55 level, so we are not looking to buy only, but we are looking to sell. If we break below the bottom of the hammer, we think that the market will probably selloff there as well. The US dollar of course is the favored currency.