The GBP/USD pair shot straight up during the session on Thursday as the Dollar lost ground against most currencies. This was predicated upon a selloff against the Yen, and then cascaded throughout the marketplace. We have broken and closed above the 1.55 level, and as a result I think we could see more bullishness in this market. However, with the nonfarm payroll number coming out later today, I think that the volatility could give us a little bit of a pullback based upon the numbers. If we break the top of the candle from the Thursday session, we believe this is a buying signal. However, if we close below 1.55 for the session, that should see this market reverting back to the previous consolidation area.
Written by FX Empire