The British pound rallied during the day on Thursday, showing signs of strength again. However, the 1.25 level seems to be a bit of a fulcrum for action, so unsurprisingly we stalled a bit there. I think that eventually the buyers win this argument but it is going to be very choppy. If we can break to the upside, the market will more than likely reach towards the 1.27 handle. Pullbacks offer buyers value, as I believe that the 1.24 level underneath continues to offer significant support. I have no interest in selling currently.
Written by FX Empire