GBP/USD went back and forth during the session on Friday, testing the 1.55 level for support and proving it to be so. The 1.56 level offered resistance again, and as a result it looks like we are simply grinding sideways for the time being. A move above the 1.50 level would of course be a very significant bullish action, and have higher stepping into the marketplace to push the value of the British pound even higher. We see no selling of this pair, as we do believe that even a breakdown of the 1.55 level would more than likely find support at 1.54.
Written by FX Empire