The GBPUSD pair fell during the bulk of the session on Thursday, but bounced enough to form a little bit of a hammer.

This area looks as if it is attracting more buyers, and that we will ultimately go above the 1.68 handle.

A break above that level has this market looking for the 1.70 level, which is the longer-term target as far as we can see.

Pullbacks from here should offer buying opportunities as well, as we seen a very impulsive move to the upside recently. Selling is not an option at this point.

Editor’s Note: Equity investors/traders interested in the GBPUSD 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, minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling with the shares representing a cost-effective investment relative to investing in the FOREX market.

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