The GBP/USD pair went back and forth during the session on Friday, essentially going nowhere. We are dead smack in the center between two major support and resistance levels, and as a result we don’t see a trade here. However, the fact that we have broken above the 1.5250 level and stayed above it for some time now suggests to us that pullbacks will more than likely be buying opportunities as we start to head towards the 1.55 handle. We do not sell this market until we get at that level, and if we see a resistive candle only. On the other hand, the other possibility for selling would be below 1.5250 as it would show momentum dying.
Written by FX Empire