The GBP/USD pair broke much higher during the course of the session on Friday, slicing through the 1.55 handle. With that being the case, the market looks as if it is a rally just waiting to happen. If we can break above the top of the range for Friday, we feel that the market then heads towards the 1.58 level, which of course is a very bullish call. However, there is a lot of noise between here and the 1.58 level, and therefore it’s going to be very volatile on the way back up there. Nonetheless, we believe that the market is well supported.
