The GBP/USD pair broke through the 1.50 support level during the session on Friday, showing a new leg lower in this marketplace. This was predicated mainly upon the Americans announcing that they added 265,000 jobs during the month of February, and this of course drove up demand to invest in the United States as opposed to the United Kingdom. Also, the British economy is very weak at the moment, and this should continue to pummel the Pound going forward. With that being the case, on a break of the lows from the Friday session, we suggest that this pair goes much lower, probably aiming for the 1.48 level at first. If we can get below there, we know that this pair could go down to the 1.45 level.
Written by FX Empire