The GBP/USD pair went back and forth during the course of the day on Friday, testing the 1.55 level. That’s an area that has been resistive previously, and it certainly was on Friday. If we can break down below the bottom of this candle though, we feel the market will head back down to the 1.52 level. Above the 1.55 level, we feel that there is a significant amount of resistance, but it would be the beginning of an uptrend in this market, longer-term of course. We have no interest in shorting this market, but do recognize that a short-term pullback could offer value.
