By FXEmpire.com
The GBP/USD pair had a horrible week over the last five sessions. The pair started out as the 1.61 level, only to lose over 300 pips for the week. However, the Friday candle turned out to be a hammer, and at the 50% Fibonacci retracement level as well.
This is a bullish sign, and with the overall bullishness that this pair has enjoyed until the last couple of weeks, we still think there is possible value in the Pound. With this in mind, we are willing to go long on a break of the Friday high level, and would be aiming for a breakout above the 1.6050 level. A move lower would signal a run towards the 1.55 level.
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Originally posted here
