The GBP/USD pair rose above the 1.65 area again on Friday, and fired off a lot of stops in that area. However, it should be noted that the area also produced a shooting star, and this could be a sign of selling to come at this point. The USD certainly could get a boost from a flight to safety, and this would have this pair reentering the 1.60 – 1.65 consolidation area. The pair will be directly affected by the trader sentiment on Monday. A break below the lows on Friday is a sell signal. The breaking of the highs is a very bullish signal as well.
Written by FX Empire