GBP/USD Forecast May 31, 2016, Technical Analysis

The GBP/USD pair initially fell during the course of the session on Monday, but turned gray back around to form a little bit of a hammer. The hammer of course is a very bullish sign, and as a result it looks as if the buyers are returning. However, you have to keep in mind that the Americans were away as it was Memorial Day in the United States. At this point in time, we are essentially “buy only”, but recognize that we could get a bit of volatility in the meantime, as there are so many moving pieces.