The GBP/USD pair rose during the session on Thursday, as the selloff has abated, and the 1.58 area is starting to show real strength. Because of this, we think that the analysis that we have been going through over the last couple of days to hold well, that a break above the 1.59 handle is extremely bullish as we should return to the 1.63 handle before it’s all said and done. With today being nonfarm payroll Friday, we could see that catalyst based upon US jobs numbers. Because of this, we will be very interested where the market decides to close on the day, and will base our analysis on it. If we get that close above 1.59, we believe this market will be a screaming buy.
Written by FX Empire