GU, Pound hammers the Dollar, Weekly analysis + PlanGBP/USDOANDA:GBPUSDDon_BobWeekly Chart: Strong bulls recouped early losses and hammered the dollar. Given the high volume on which the hammer formed, from here we might expect a strong pullback. Hammers work best on valid demand zone/support levels, the level at which it occur now has been used on multiple occasions both as support and resistance in the past, so I take it as valid, marked on the chart for better visual. Daily Chart: Price level 1.332 has been tested all 5 days of the week, and also was rejected each time, another important note is that MM participation has also increased, that is why the high volume, and we should be aware that positions are being accumulated (and if I'm right, that is buying volume). Similar PA with long wicks can be sometime tricky to forecast, but given the hammer on the weekly TF, I'm a bull next week, at least until 1.358. 4h Chart: The pound started the week by getting some losses and that was until Tuesday (London Session) where the move was stopped and the price started to trade slightly higher. The down trend hasn't yet been reversed, the next area for the bulls to confirm the momentum is 1.343, breaking this area it's the final confirmation for the move up. 1h Chart: At this TF the current sideway trend its more than clear, we have a support at 1.332 and 1.325, and resistance at 1.343 and 1.357. All said, for next week we have to prepare the breakout strategies and be ready for next breakout. The Plan: Long breakout 1st resistance 1.343 Target 1.357 with possibility to re-enter at re-test. Short Breakout 2nd Support 1.325 Target weekly extension 1.31 Range trading look for rejection within the current support and resistance, best rejections shooting stars and hammers on above average volume London and New York sessions Thank you for dedicating your time reading this. Feedback is welcome. Drop your comment if you support or have something different in mind. Thank you!