The GBP/USD pair rose during the session on Friday as we continue to bounce from the 1.58 level. This market has been extremely aggressive to the upside over the last several months, with only as the pullback over the last eight weeks or so slowing it down. A breakout of an ascending triangle over the summer was the catalyst for all this, and now we have retested the resistance area for that triangle as support.
Because of this, we are very aggressively long of this pair now, and will continue to be as long as we are above the 1.58 level. We are buying pullbacks in this pair as long as we stay above that level, and do fully expect to see the 1.63 area be hit before it’s all said and done.
Written by FX Empire