The GBP/USD pair fell during the Friday session, and closed right at the 1.50 handle. This is a very bearish turn of events; it appears that the Pound is destined to fall through the 1.50 handle soon. This should open the door to the 1.45 handle before it’s all said and done, and it appears that there is nothing that’s going to catch the Pound at this point time. Contrarians will certainly try to find the Pound at these levels, but we suspect that any rally will be absolutely pummeled as the entire world once the short this pair right now. On a break below the 1.4950 level, we will be shorting this market.
Written by FX Empire