The GBP/USD pair went back and forth during the day on Friday as we continue to look for support near the 1.21 handle. I think that I rally at this point should be a selling opportunity though, and I would anticipate sellers stepping back into the market near the 1.2250 region. Alternately, if we break down below the bottom of the range for both Thursday and Friday could be a selling opportunity down to roughly 1.2050 or so. I don’t have any interest in buying right now, I believe that the sellers are in full control, at least in the short term.
Written by FX Empire