By FX Empire.com
The GBP/USD pair fell on Thursday, but bounced later in the session as traders continue to go back and forth in the risk trade. Volumes are extremely light in most stock markets, so one can only assume the currency markets are the same. This would explain the whipsaw action we have been seeing lately.
The pair is setting up to print a hammer on the daily, but if we break the bottom of it – it then becomes a hanging man, which is horribly bearish. Because of this, we need to pay attention to the direction that the market breaks, and follow it. To the upside, we see 1.60 as the next massive barrier, and the 1.55 area as support.
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