GBP/USD News for the week of July 22, 2013

The GBP/USD pair closed above the 1.5250 level, an area that we had suggested is the assigned to start buying again. We think this market eventually makes a move up to the 1.55 handle, but whether or not he can do it in one short we is a completely different question. Nonetheless, we do believe that the buyers are starting to exert their force again, and we think that a move above the highs from the past week is a signal to start buying for at least a couple of hundred pips.