The GBP/USD pair fell during the session on Thursday, dipping to the 1.63 handle before the day ended. However, we did get a little bit of a bounce from their and it appears that the market is ready to sit here and wait for the nonfarm payroll announcement. That announcement of course will have a drastic effect on the US dollar in general, so we could see a nice pullback that offers support for us to go long. However, we feel that this market should ultimately be a strong one, so we still have a target of 1.65, followed by the 1.70 level longer-term.
Written by FX Empire