GBP/USD had a horrible showing on Friday, as we slammed all the way down to the 1.57 handle. If there was going to be any serious fight by the bulls down at this level, Friday proved that wasn’t coming. Because of this, we feel that a break down below the 1.5700 level should continue the various run south. We don’t think that the move will be smooth though, as there is a lot of noise below, and as a result we think that this is more of a grind and less of a collapse waiting to happen.
Written by FX Empire