The GBP/USD pair tried to rally during the course of the day on Friday, but as you can see turned things back around and fell to a fresh new low. Because of this we feel that the market should then head to the 1.55 handle, and then possibly the 1.50 level. Any rally at this point time should be a selling opportunity as the US dollar is the favored currency by traders around the world. Ultimately, we cannot buy this market until we get above the 1.60 handle, which of course is something that we won’t be seen anytime soon.
