GBP/USD fell hard during the session on Friday as the “risk off” trade came roaring back. The announcement that Spain was going to go well over the agreed upon deficits for the next fiscal year rocked the markets, and the British Pound paid for the UKs exposure to the European Union in general. With this in mind, the Dollar had a good day all around, and this pair was no different. The 1.58 level remains a pivotal one, so we need to see that level give way before we can sell, but this pair certainly looks weak at this point. The bottom of the market is probably found at 1.5650 for the time being if we do go short.
Written by FX Empire