The GBP/USD pair broke down for the session on Thursday as the concerns in global economies continue. There are several British banks on the radar screens of the credit agencies now, and as a result we like selling this pair coupled with the horrible price action for the Thursday session. The 1.55 level should be supportive, so we will wait for a short-term rally to sell if it comes. The market closed at the bottom of the range, and this suggests that there is most certainly downward momentum to follow. Because of this – buying isn’t possible.
Written by FX Empire