The GBP/USD pair surged on Friday to smash through the 1.57 resistance level, and close at the absolute highs for the session. The pair was helped by an announcement of 80 billion Pounds of relief coming from the Bank of England in order to help shore up English banks. (At least this is the theory at this point.)

The pair looks very bullish none the less, and with the possibility of a favorable outcome in the Greek elections causing a “risk on” trade on Monday, this pair could continue much higher in the short run. If the markets gap higher in a “risk on” move at the open for the week, this could be the pair to buy. However, if there is panic and a gap down on risk assets – this pair sells off hard.

Click here a current GBP/USD Chart.

Originally posted here