GBP/USD fell again on the Friday session after first attempting to rally above the 1.55 level. The pair is in a free fall at this point, although in the middle of a support zone. The 1.53 level is absolutely crucial to the upward bias to come back to this pair. If not, this pair falls much farther. The world’s economies are looking more and more like they are going to go back into recession, and with this in mind, the pair should continue to fall. The bounces in this pair should be treated with suspicion, and should provide selling opportunities. We won’t buy this pair as it is far too bearish at this point.
Written by FX Empire