The GBPUSD pair fell initially during the session on Thursday, but found enough support below at the 1.68 level to push things higher inform something along the lines of a hammer.

We’re the bottom of the recent consolidation area, and as a result it doesn’t surprise us that the market bounced.

That being the case, we feel that the market will ultimately breakout to the upside, heading to the 1.70 level given enough time.

We believe that there is a significant amount of support out of the 1.67 level as well, so even a pullback here is in a selling opportunity.

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, 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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