The GBP/USD pair initially tried to fall during the course of the day on Thursday, but then surged higher to test the 1.61 level. That being the case, the markets look as if they are still fairly bearish but we may make an attempt to reach the 1.63 level. Because of this, we believe that short-term traders will continue to buy the British pound, but ultimately we believe that it is probably best to wait for some type of resistant candle above. With that, we are cautious about trading today, but recognize that we could get a signal late.
