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The GBP/USD pair fell during the Friday session as the 1.57-1.58 area continues to hold back the advances of the buyers. However, as you can see over time we have generally ground our way higher in this market, and it does look like we will eventually break through.
This is a lease the thesis that were working on currently, and it does make sense as the governor of the Bank of England recently stated that monetary policy was about where it needs to be. Contrast that with the expected quantitative easing coming out of the Federal Reserve, and this should continue to work and the British pound’s favor. However, we need to see a daily close above the 1.58 level in order to be confident enough to buy this pair. As for selling, it's not even a thought right now and won't be until we are sub 1.55 as it would show a change in momentum.