The GBP/USD pair fell significantly during the day, but found plenty of support at the 1.2850 level on Thursday. With the jobs number coming out today, it’s very likely that we will get some type of a significant move in one direction or the other, but it’s not until the end of the day that I feel comfortable putting any money to work. There are far too many variables for me to be comfortable doing so, so having said that I think that the market will eventually go down to the 1.28 handle, and then 1.27. As far as buying is concerned, I am a bit hesitant to do so, at least until we break above the 1.3050 level.
Written by FX Empire