GBP/USD fell on Thursday as the Bank of England announced it was expanding its bond buying program, which of course is a form of quantitative easing. However, the pair found its footing late in the session and formed a hammer at the end of the day. This suggests a bounce is still in the offering, and with the Non-Farm Payroll report coming out later today, we think this pair could move strongly in reaction. The pair is a massive sell if we break the low of the Thursday session, and if it breaks the high – it becomes a short-term buy.
Written by FX Empire