GBP/USD fell on Friday, but managed to pop back above the 1.60 support level again. The later ours saw the surge, and this appears as a sign that the pair wants to jump above. The area of 1.60 certainly is a magnet, but we would prefer to see this pair move above the highs in order to get long again. If you want to go short, we suggest waiting until we hit the 1.58 level. Between now and then, the area we are in looks to be choppy short-term consolidation.
Written by FX Empire