The GBP/USD pair attempted to rally during the session on Friday, but as you can see ended up falling flat on its face. Moody’s downgraded the British economy late in the session on Friday, so the markets have not had a chance to react to this news yet. However, we need to see a move below the 1.52 level in order to continue lower and start selling. We had super for selling the Pound now, as the negative news should affect the currency over the next couple of sessions. As far as buying is concerned, a break above the top of the shooting star for the Friday session would be a bullish enough sign start doing so.
Written by FX Empire