By FXEmpire.com
The GBP/USD pair took off again for the week, shooting straight up. Amazingly enough, the United Kingdom has entered recession while this was going on. This makes us believe that this is an overbought market at this point, but selling certainly can’t be done at this point. In fact, we are simply buying pullbacks as long as the market is above the 1.59 area, which we see as the bottom of the 1.60 support level. We suspect that the 1.65 level is the target that the bulls will be aiming for, and would be willing to hold onto longs until then.
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Originally posted here
