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GBP/USD has been an interesting currency pair as of late, and Friday was no different. We saw a high during the session of 1.57 exactly, and it shows that we are banging against the door yet again. The 1.57 area begins a 100 pip thick resistance area that is currently keeping prices down. If we can get above the 1.58 handle, this pair really should take off.
As the lows are getting higher over time, it does appear the pressure is building to the upside. Because of this, we are not selling this pair currently and are more than willing to buy on the pullbacks. However, buying up near the 1.57 level was simply put money in jeopardy it doesn't need to be. Every pullback has been a buying opportunity over the last several months, and this should continue to be the case.