The GBP/USD pair rallied at first during the session on Friday, but as you can see turned back around to form a shooting star. Although this is a very bearish candle, we believe that this pair is essentially going to continue to grind sideways, and we expect to see support at the 1.66 handle. We have a longer-term upside bias, so therefore waiting for this pullback to produce a supportive candle in order to take advantage of perceived value and start buying this pair as it should eventually head towards the 1.70 level.
