The GBP/USD pair went back and forth during the session on Thursday, showing that the 1.52 level below continues to be supportive. In fact, it is not until we break down below there that we would feel comfortable selling this market, which then should head to the 1.50 level. Ultimately, the market has a lot of noise below though, so it will not be easy to hang onto the trade to that level, as the volatility is going to be enormous. On the other hand, if we break out to the upside. We believe that there is still plenty of resistance all the way to the 1.55 handle. Because of this, we would not hesitate to sell a resistive candle.
