The GBP/USD pair rose during the session on Thursday as we continue to try and pound through the 1.63 level. This area is significant resistance, and if we can get above that this would be a very bullish sign indeed. In fact, not only do we think this will happen eventually, but we also figure that this pair is heading to the 1.70 level sometime in 2013.
We still didn’t break above the shooting star from the Wednesday session however, and as such we could still see a little bit of a pullback. If we do see one, we will more than likely find support at the 1.61 level and a bounce from that level going forward. We are willing to buy a breakout above 1.63, or supportive candle action at the 1.61 level.
Written by FX Empire