The GBP/USD pair has been trending upwards since the 6th of November 2015, with the bulls leading the price from as low as 1.5025 to as high as 1.5246.
The currency pair initially fell during the course of the day on Thursday, to rise up again to 1.5241. Today, the pair fell again to form a hammer, which is a bullish pattern. With that being the case, it looks like the price will continue to move higher. In the event that the price breaks above 1.5237, the pair could climb up to 1.5246 and 1.5285.
However, in the scenario where the price breaks below the bottom of the hammer at 1.5193, the pair could decelerate down to 1.5136 and 1.5109.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.