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The EUR/GBP pair had an explosive rally during the session on Friday as the Euro continues to gain against most currencies around the world. Looking at this pair, it's obvious that the 0.8150 level will be an area of resistance that the buyers have to get over. The last five sessions have been extremely bullish, so a pullback could be coming and quite frankly would be welcomed.
As we look forward, we think that the 0.7950 level should be the floor in this market, and the 0.8150 level should be the ceiling. In fact, we expect this pair to continue to consolidate until further notice. If we get broken out in either direction, then were willing to get more aggressive. In the meantime however, we are willing to simply trade the range.