The GBP/USD pair rose during the session on Thursday, breaking above the 1.5150 area. This market looks like it’s trying to form some type of bottom, but we have significant resistance above as the market pulled away from it late in trading during the Thursday session. Because of this, we feel that surge higher needs to be completed in order to start buying again, and that would have to clear the 1.53 area to be safe. As for selling, we believe that as long as we can stay underneath the 1.53 level, you have to have a bit of a downward bias at this point.
Written by FX Empire