The GBP/USD pair has shown yet another supportive candle near the 1.55 handle on Friday. Because of this, we believe that ultimately this pair will continue higher, but at this moment in time we do not have that signal to start buying yet. On a move above the hammer on Wednesday, we are buyers of this pair as we think we could go as high as 1.5750 or so in the short term. As far as long-term trading is concerned, that would be a completely different question, as we think the Federal Reserve will have a massive effect on the value the US dollar this month.
Written by FX Empire