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The GBP/USD pair fell during the session on Monday, but bounced in order to form a hammer just above the 1.62 level again. This level looks like is acting as significant support, and as such we think this market could continue higher without a significant pullback. However, we do prefer that pullback in which to buying this currency pair from if we get that chance.
The 1.60 level is an ideal spot to see the market pullback to in order to go long. Any supportive action down there would be more than welcome to us, and have us buying this pair and over fist. However, we feel that there is just as much likelihood that this pair will continue higher without that pullback. A break of the Friday shooting star would signal higher prices coming and have us going long at that point time. Right now, we have absolutely no plans on shorting this pair.