The GBP/USD pair went back and forth during the course of the session on Friday, testing the 1.50 level. However, we did form a little bit of a supportive candle, so if we break the top of that we believe that this market should then go to the 1.52 handle. Ultimately, the market could break down though, but we see a significant amount of support all the way down to the 1.48 level on the longer-term charts. With that, we choose to buy on a break out to the upside as we would assume more consolidation is needed. As far selling is concerned, it is going to be difficult to do, but it could be possible we break down below the bottom although we recognize a lot of volatility in choppiness would come with that move.
