The GBP/USD pair had a very quiet session on Friday, as it was holiday trading. However, you can see that just above current levels we have a significant resistance level that is trying to be broken out of. If that happens, we think this market will go directly to the 1.55 level where will find massive resistance. Because of this, we think that selling the British pound at a higher level was going to be more than likely over the course of the next couple of weeks even though we can see the high potential for a breakout at this point, we do not want to buy the Pound as the US dollar still reigns supreme against most currencies at the moment.
Written by FX Empire