The GBP/USD pair broke higher during the course of the session on Wednesday, but as you can see remains well within the consolidation area that we’ve seen for some time. We believe that the 1.55 level below is supportive, just as the 1.57 level above is resistance. Keep in mind that the Bank of England has an interest rate decision today, so that of course could cause a bit of volatility. At this point time though, we do not anticipate that the market will break out of this consolidation area, so we are comfortable selling towards the 1.57 level and of buying towards the 1.55 handle as the Nonfarm Payroll Numbers will probably overshadow any knee-jerk reaction in this market.
