The GBP/USD pair went back and forth during the session on Friday, ultimately forming a very neutral candle. We are closed at the 1.68 handle, and as a result we feel that ultimately we will break higher, above the 1.6850 level and head to the 1.70 handle. We believe that there is enough support down at the 1.67 level to keep the market somewhat afloat anyway, and as a result we are “buy only” at this point in time. This is probably one of those markets that will be a “buy on the dips” type of situation.
