The GBP/USD pair had a positive session as we bounced off of the 1.50 level during the Thursday trading hours. This is the move that we had anticipated, as the area would of course be very significant overall. We still think that we could get a nice selling opportunity just above, and as a result are not buying the British pound. Instead, we are hoping to see some type of return to the 1.52 area and a resistive candle to start selling again. We had suggested that the 1.50 level would take something a little special to break down, and that more than likely the market would have to back up to collect more sellers. We believe this is happening now.
Written by FX Empire