The GBP/USD pair fell during the session on Friday, as the US dollar gained against almost everything. This market solve the British pound fall below the 1.54 level, an area that we suggested would be significant. However, we believe that the real support is down to 1.5250, and a move below that level on a daily close would have us selling this pair rather aggressively. In the meantime, although we look very weak, we believe that this market is probably best avoided into we get a very obvious signal, more than likely to start selling below the 1.5250 handle. That level could also provide enough support though, to have a start buying on a hammer or some other form of positive candle.
Written by FX Empire