The GBP/USD pair fell initially during the course of the week, but bounce significantly enough to form a nice-looking hammer. What is also interesting
The GBP/USD pair fell initially during the course of the week, but bounce significantly enough to form a nice-looking hammer. What is also interesting about this hammer is that it sits right at the 50% Fibonacci retracement level, and with that we feel that this market should continue to go higher given enough time. We believe that this market could very easily bouncer here and head towards the highs again, which was all the way up to the 1.72 level. Selling at this point in time is not something we are interested in until we break the bottom of the hammer that formed during this week.
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.
