The GBP/USD pair fell absolutely fell apart during the Thursday session after forming a massive shooting star on Wednesday. However, we stopped essentially at the 1.61 handle, an area that we pointed out as potential support previously. Because of this, we think this pair is essentially the “leaning” in a downward trajectory, but the nonfarm payroll numbers coming out later today will certainly affect how the market behaves. If we get a move below the 1.61 handle for any sustained length of time, but a very good shot that we went 1.60, and then the 1.58 level. As for buying, we have no interest in doing so until we can get back above 1.63 which would fire off a longer-term buy-and-hold signals for us.
Written by FX Empire