The GBP/USD pair went back and forth on Friday, essentially doing nothing. However, we did find out is that the 1.57 level continues to be supportive, and therefore we feel that it’s only a matter of time before this market bounces. Once it does, we will test the 1.58 level, the 1.59 level, and then eventually reach towards the 1.60 level. We believe that this pair is in a longer-term uptrend anyways, so therefore we are essentially “buy only” when it comes to the GBP/USD pair. We believe that there is a massive “floor” at the 1.55 handle.
