The GBP/USD pair had a very strong showing on Thursday, breaking out and shooting towards the 1.5250 handle. We did managed to break above that level for the session, but without a doubt showed a strong candle as we close towards the very top of it. Within this chart, we are in the parade area to find some type of resistance, and as a result we would be very careful about going long at this point. In fact, we believe that there is a good chance that the area offers enough resistance to form some type of resistive candle. However, we are not willing to take a short trade until we see that. Alternately, if we managed to clear the 1.53 level, we are willing to start buying the British pound at that point.
Written by FX Empire