The GBP/USD pair shot straight up like it was fired out of a cannon on Thursday. The 1.60 level continues offer significant support, and going forward we still think this market is heading towards 1.63 in the short-term. However, after this massive candle, we do need to see a break of the highest in order to start buying again. Alternately, we could see some type of pullback with a supportive candle on the shorter-term frames that would serve just as well, but at this point in time we believe that the momentum has definitely shifted to the upside as this is a massive green candle.
Written by FX Empire