The GBP/USD pair went back and forth during the course of the session on Thursday, forming a relatively neutral candle, but we did have quite a bit of volatility during the day, which of course means that it will be very difficult to hang onto a longer-term trade at the moment. We believe that rallies will be selling opportunities on signs of exhaustion, and as a result that is exactly what we are waiting for. We think that there is quite a bit of resistance all the way to at least the 1.55 level, so having said that we have no interest in buying.
