The GBP/USD pair initially tried to rally during the course of the day on Thursday, but turned back around and ended up forming a bit of a shooting star. That being the case, the market should continue to be one that stays within the recent consolidation area. We believe that a break below the bottom of the range for the day should send this market looking for the 1.41 level, which was the bottom of the current consolidation level, and extends all the way down to the 1.40 level. If we can break above the 1.45 level, that would be extraordinarily bullish.
