GBP/USD Forecast July 7, 2016, Technical Analysis

The GBP/USD pair fell slightly during the course of the session on Wednesday, but turned right back around to form a bit of a hammer. If we can break above the top of the hammer, and more importantly the 1.30 level, the market should reach towards the 1.35 handle over the course of time. On the other hand, a break down below the bottom of the hammer would be a very negative sign as well, as it would show a continuation of the weakness that we’ve seen recently in the British pound overall.