The GBP/USD pair broke higher during the course of the day on Friday, after falling significantly on Thursday. That being the case, the 1.63 level offered enough support in order to turn things back around for the day at least, but we believe that this is more or less a “dead cat bounce” at this point in time. That being the case, the market looks as if it could continue to bounce a bit, but the resistance above should continue to be quite strong, so we believe that selling the rally that’s coming will be the way to go.
