The GBP/USD rose on Friday as traders bought the Pound in general. The pair managed to claw its way above the 1.55 level, but the end of the day saw some selling. The volumes were certainly light on the last trading day of the year, so only so much can be read into this move. The real risk looks to be to the downside at this point. It isn’t until we get over the 1.57 level that we can imagine owning this pair and a break below 1.53 sends this pair down much lower. With this in mind, we are selling rallies, and selling that breakdown of 1.53 hand over fist.
GBP/USD Forecast January 2, 2012, Technical Analysis
Originally posted here
