The GBP/USD pair fell during the session on Thursday, but found enough support at the 1.55 level in order to become somewhat supportive looking. This market looks like it wants to go higher, but it will be greatly affected by the nonfarm payroll number later today. The better the number, the better this pair typically does. With that being the case, we would wait until after the announcement and watch the reaction of the marketplace before getting involved. Right now, we believe that there is a certain amount of upward bias in the marketplace and definitely prefer being on the long side of this trade.
Written by FX Empire