The GBP/USD pair did very little during the session on Friday, as you can see essentially sitting still. Because of this we think that the market is simply trying to catch its breath after the big breakout. We think that the market is more than likely going to head towards the 1.5750 level in the short term, and a break of the highs from the Friday session would signal that move. Granted, it’s not a huge move, but we think it’s going to happen. Also, expect the 1.55 level offer plenty of support so buying pullbacks may be the way to go as well.
Written by FX Empire