The GBP/USD pair went back and forth during the course of the session on Thursday as we continue to meander in this consolidation area. We believe that it’s only a matter of time before the market breaks out, but we need to see some type of larger move. Right now this is simply a back-and-forth type of situation, and therefore we are not interested in trading the British pound at the moment. We recognize that there is a significant downtrend though, and of course is easier for us to sell this pair than to buy it.
