The GBP/USD pair broke higher during the course of the session on Friday, as the market continues to find buyers just below the 1.48 handle. However, you have to keep in mind that there is significant resistance of the 1.50 level, so at this point time we are a bit cautious about going long. We believe the pullbacks could offer short-term buying opportunities, and a move above the 1.50 level could in fact be very bullish. Ultimately, we have no interest in trading this pair at the moment though, because we believe is going to be far too volatile. If we do break out to the upside, obviously we become bullish. On the other hand, if we break down below the 1.47 handle, we would be sellers.