The GBP/USD pair fell on Friday as the jobs number out of America got the market in a risk off mode. The pair is broken out to the upside of a massive consolidation range though, and we are treating this as simply an opportunity to buy the Pound at a discount. The 1.6150 area looks like it could be supportive, so we are buying supportive candles in this area.
We cannot sell; the move has been far too strong for that. The buying of this pair on dips is still our strategy as long as we are above the 1.6000 handle. The Pound has been strong; there is no reason to sell it at this point.
Written by FX Empire