The GBP/USD pair initially tried to rally during the session on Thursday, but found the area above the 1.54 level be a bit resistive. Because of this, we ended up forming a shooting star but we do recognize that there is a lot in the way of noise between here and the 1.52 handle, which we think is essentially the “floor” of the market right now. We believe that ultimately the market will find buyers, but right now we do not have the candle shave that we like to see in order to start going long. With this, we are on the sidelines.
