Weekly Technical Chart- GBPUSD

Sep 3, 2017

The British pound initially fell during the week but found enough support at the 1.2850 level to turn around and form a hammer. I believe that this market is going to continue to go higher, and a break above the 1.3050 level is that signal. At that point, I believe the market can go looking towards retest again 1.2850 /1.2800 and then we can see rally towards 1.31/1.32, The British pound has shown a significant resurgence during the week, and I think it looks good overall. However, if we were to break down below the 1.2850 level, that would be a negative sign.