GBP/USD Forecast March 9, 2016, Technical Analysis

The GBP/USD pair initially fell during the course of the day on Monday, but turned back around to form a hammer. The hammer of course is a positive candle, and we also formed one during the previous session as well. By doing so, the market looks as if it is ready to go higher and perhaps reach towards the 1.45 handle. The market has broken out recently, but we are starting to run into serious trouble. If we break down below the lows from the Monday session, we feel that the market will probably head to the 1.40 level next.