The GBP/USD pair initially broke higher during the course of the day on Friday, in reaction to the Scottish Independence Vote, but as you can see the 1.65 level offered enough resistance to push things back down. The 1.6250 level below offers a significant amount of support, so it’s likely that we will continue to bang around in a fairly choppy manner. If we break down below the 1.6250 level, we think that the market will look for supportive 1.60 handle. On the other hand, some type of supportive candle in this region should have the market bouncing for short-term gains.
