The GBP/USD pair went back and forth during the session on Friday, but did end up positive. In fact, we managed to close above the 1.55 level, which of course is an area that based upon the large round number should offer some type of psychological support. Going forward, we think that a bounce to 1.5650 when offer an excellent selling opportunity, and that the 1.58 level will be massively resistant. We are ready to start shorting it, but we would love to sell rallies as they, and would more than likely look for signals on the 4 hour chart as the area has gotten somewhat cozy.
Written by FX Empire