The GBPUSD pair fell slightly during the course of the session on Friday, as we collected some of the gains from the Thursday session.

Ultimately though, we recognize that the market had a very bullish run recently, so we are a bit hesitant to start selling.

On top of that, we ended up forming a hammer on the weekly chart and that of course is a very bullish sign.

With this being the case, and the fact that the 1.52 level above should be resistance, we are going to stand on the sidelines as far as shorter-term traders concern when it comes to the British pound.

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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