The GBP/USD pair went back and forth during the course of the session on Thursday as we continue to try to get above the 1.55 handle. There are several things going on at the same time here, such as the large, round, psychologically significant number of 1.55 back in as resistance, and the 100 day EMA crossing at this point. It was also support at one point in the past, so it should now be resistance based upon basic technical analysis. As soon as we get a resistant candle, we are more than willing to sell this pair because we believe that the market is going to drop back down to the 1.53 level then. Even if we broke above, it is not until we clear the 1.58 level that we feel that the resistance is finally cleared.
