The GBP/USD pair initially fell during the day on Thursday, January 21, but found enough support near the 1.4050 level to turn things back around and form a significant looking hammer.
The GBP/USD pair initially fell during the day on Thursday, January 21, but found enough support near the 1.4050 level to turn things back around and form a significant looking hammer.
«However, there is quite a bit of bearish pressure above as we have continued to fall over the course of the last several months. Because of this, we will look for rallies to offer selling opportunities above, as exhaustive candles will be signals to start picking up the US dollar based upon value. We still believe that this pair is reaching towards the 1.40 level given enough time», FX Empire informs.
As DailyFX reminds the British Pound against the US Dollar is one of the oldest currency pairings in the world. The pair is often called 'The Cable', as the first transatlantic communication cable run across the floor of the Atlantic, connecting Great Britain with The United States, was used to transmit currency prices between the two economies. 'The Cable' remains a favorite of traders today, accumulating massive interest considering the size of The UK economy.
