The GBP/USD pair fell hard during the session on Friday, crashing into the 1.59 handle. That level offered support previously, and therefore it’s not surprising to see it offer support now. The candle close of the very bottom of the range though, so we have to admit that this is a very bearish looking situation. However, this area should provide a significant amount of support as well, so we are a bit torn as to what to do. We need to see a supportive candle in this area to feel comfortable going long, and is not until we close below the 1.5850 handle that we are comfortable shorting this market.
Written by FX Empire