The GBP/USD pair rose during the Thursday session, although it did manage to fall late in the day. The pair punched through the 1.57 level, only to fall back below it by the end of the day. The pair is presently under serious pressure, and a break of the Thursday lows should send this pair much lower over time. The 1.55 level is supportive in our minds, so we expect a stop at that point in the down move. However, with the risk profile in the global markets – this pair could fall much lower.
Written by FX Empire