The GBP/USD pair try to rally during the session on Friday, but gave back all of the gains above the 1.67 level in order to form a shooting star. The market is still overly bullish though, and we believe that the market should find plenty of support down near the 1.66 handle, and most certainly down near the 1.65 handle. Because of this, we feel that this market is a “buy only” type of market, and as a result we cannot sell. Ultimately, we believe that this market goes to the 1.70 level.
