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The GBP/USD pair rose during the session after initially falling on Thursday in order to break above the highs from the previous session. This is a bullish turn of events, and it does look like we are going to continue higher. Because of this, we are buying pullbacks in this marketplace and currently believe that the British pound is one of the strongest currencies out there.
Looking forward, we think that a break of Thursday's high would be a buy signal, but we must wait until after the nonfarm payroll numbers out of the United States later today as it will more than likely push the markets around on the whole. Any pullbacks that do not manage to break down below 1.57 will be thought of as buying opportunities in this obviously bullish pair. As for selling, we won't do it until we get a daily close below the 1.5650 level.