GBPUSD fell during the session on Thursday, testing the 1.71 level.

This area continues to be somewhat supportive though, and as a result we feel that the market should continue to bounce from here and head to the 1.72 handle.

Getting above the 1.72 level would be reason enough for the market to head to the 1.75 handle, and we would of course be buyers.

On the other hand, if we drift back to the 1.70 level, we believe that it is essentially the “floor” in this marketplace. We have no interest in selling this pair.

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account. 

The ETF looks to track the price of the British Pound Sterling (GBPUSD), minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling (GBPUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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