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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
