The GBP/USD pair initially tried to rally during the course of the day on Friday, but found the area above the 1.52 level to be far too resistive to continue going higher. Because of this resistance, we turned back around and formed a shooting star. With that being the case, the market looks like its very likely going to go lower, and we are sellers. We believe that eventually this market will reach down towards the 1.50 level given enough time. We have no interest in buying at all as the British pound continues to be one of the softest currencies that we follow.
