The GBP/USD pair initially broke down during the course the week but turned back around to form a perfect hammer. This hammer suggests that the buyers are
The GBP/USD pair initially broke down during the course the week but turned back around to form a perfect hammer. This hammer suggests that the buyers are going to step back into this marketplace and push this market higher. A break above the top of the candle of course is a buying opportunity, and as a result it’s very likely that the market will rally next. However, we are very cognizant of the fact that we are very much in a downtrend so therefore think that the rally will be short-lived at best.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
