The GBPUSD pair initially fell during the day on Wednesday, but found enough support below yet again to turn things back around and form a hammer.

With this, the market looks like it is still very bullish, and as a result we don’t really have any interest in shorting at this point in time.

In fact, we feel that this market will eventually hit the 1.57 level, and then test the resistance barrier at the 1.58 handle.

We contend that pullbacks are still going to be buying opportunities off of short-term charts.

 Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the British Pound Sterling (GBPUSD), minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling (GBPUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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