The GBP/USD pair did almost nothing during the session on Thursday, essentially treading water at the 1.67 level. With that being the case, we feel that the market should find buyers in this general vicinity, possibly sending the market back up to the 1.68 handle in the short term, and then ultimately to our longer-term target at the 1.70 handle. A break above the 1.70 handle is in fact a very bullish sign, and it has us hanging on in a buy-and-hold type of situation. Pullbacks at this point time should be contained as the “floor” in this market is the 1.65 handle.
