The GBP/USD pair fell initially during the course of the session on Thursday, dipping below the 1.50 handle. However, the market turned back around and shot straight up in order to form a nice-looking hammer. This hammer of course suggests that we are going to go higher, but we recognize that there is a significant amount of resistance all the way to the 1.52 region. It is not until we break above there that we are comfortable buying but it does look as if we could very well do so. Pullbacks at this point in time will be ignored until we get a better sell signal.