GBP/USD Forecast April 30, 2015, Technical Analysis

The GBP/USD pair broke higher during the course of the session on Wednesday, slamming into the 1.55 level. As you can see though, we did pullback a little bit as that area offered resistance. This is a market that’s a bit overbought at the moment, so that’s not a big surprise. Quite frankly it’s not until we get above the 1.5550 level that were comfortable the market continues to climb. At that point time it becomes a “buy only” type of market in our opinion. However, if we get a resistant candle right at the 1.55 handle again, we would be willing to sell their as we think a pullback would be imminent.