GBP/USD Prices Forecast March 7, 2017, Technical Analysis

The GBP/USD pair initially tried to rally during the day on Monday but turned around to fall towards the 1.2250 level again. This is an area where we have found support, and the fact that we formed a hammer on Friday only reinforces the idea of a bounce. If we can break above the top of the range for the session on Friday, I believe that point the market will reach towards the 1.24 handle. The hammer of course being broken to the downside would be very negative, perhaps sending this market to the 1.2050 level underneath.