The GBP/USD pair initially rallied during the session on Thursday, but then turned back around to form a bit of a shooting star. However, we believe that a lot of the selling pressure probably was due to profit taking before the Nonfarm Payroll numbers come out today. With that being the case, we look at this market is one that is offering a bit of value in the British pound. However, we recognize that with the jobs number coming out today, this will be a very volatile market. As long as we show some type of support on a pullback, we would consider going long but also recognize that it’s probably safer just to stay on the sidelines today.
