The GBP/USD pair had a back-and-forth session during the Thursday trading day and essentially hovered around the 1.60 level at the end of all of the erratic behavior. It looks like we’re trying to break through the support, but obviously it is offering enough support to keep the sellers at Bay. We believe that below this current area there is a ton of support going all the way down to the 1.58 level, so while the market has been very bearish recently, we are not willing to start selling it. In fact, we need to see either some type of supportive candle or a break of the Thursday highs in order to start buying again.
Written by FX Empire