The GBP/USD pair initially spiked during the Thursday session as the “risk on” trade came back into the fray. However, by the end of the day we had given up quite a bit of ground and the wick for the candle is long. The 1.56 level held as resistance, and this pair looks vulnerable at the moment. The selling of this pair is the only way to trade as far as we are concerned, and a break of the lows from the Thursday session would be a decent signal to go ahead and start shorting this market again. A break of the recent lows from last week would be an extremely bearish signal and have us selling much more aggressively.
Written by FX Empire