FXEmpire | April 4 2013 11:57 EDT
The GBP/USD pair initially fell to the 1.50 handle during the session on Thursday, but as you can see got a significant bounce after the bank of England announced that it was essentially doing nothing. However, the Pound stopped at the 1.5250 handle, an area that has been resistive lately. In other words, it’s like the last three days never really happened. With a Nonfarm Payroll number coming out today, it’s very likely that this pair will get thrown around. If we can get above the 1.530 level, we think this market will try to reach the 1.55 level where it should find significant resistance. Otherwise, we believe that a breakdown will find trouble down near the 1.50 level, but it has been broken before and could be broken yet again. Alternately, we believe that the British pound will continue to weaken over the long-term.
Click here to read GBP/USD Technical Analysis.
Originally posted here