The GBP/USD pair shot straight up during the Friday session, and through the 1.58 resistance level. The pair should be running into fairly heavy resistance at these levels, so we are looking to sell this pair between here and the 1.60 handle. We will look to the 4 hour charts for signs of exhaustion, and as we see it – sell this pair. The pair doesn’t become a buy until we see a daily close above the 1.60 level, and out of all of the possibilities we don’t think this happens. The Bank of England is going to have to keep easing, and this should weigh on the Pound going forward.
Written by FX Empire