The GBP/USD pair fell hard during the session on Friday, collapsing as the nonfarm payroll numbers came out much stronger than anticipated. Since the Bank of England recently has suggested that interest rates will remain low for an extended period of time, it makes sense that the market continued the massive move lower as the interest rates in the United States continue to rise. That being said, we think this market still has a way to go, but we are approaching significant longer-term support. That being said, we are looking for rallies that show signs of weakness to begin selling again.
Written by FX Empire