Gbp/Usd Weekly Forex Update

Our cable pair has continued its descent down with a nice bounce from the 1.5727 level on Thursday making it a nice short trade working off the 200 SMA.  On Friday, we've seen allot of manipulation from the maker makers pushing the market from the 1.5661 level up to 1.5687 and pushing the market down to 1.5654 to squeeze the market some and ultimately take out the Longs and pick up some cash from the traders.  Than reversing the direction and heading back up to our high point of resistance for the day at 1.5700.

Our real mover for this Friday was Eur/Usd with heading down to 1.2495 for a nice move at 105pips.
With our Gbp/Usd pair only moving 68 pips to its support level at 1.5632.  If we can stay below the 200 Moving Average I believe we're still looking bearish for the Gbp/Usd.  Remember,  this is memorial day weekend, the majority of major banks are closed on Monday and I wouldn't advise any trading as your spreads could be insane.  Lastly,   look to this friday as June 1 and for Non-Farm Payroll news hitting the wire at 8.30 am EST.

 Be safe,  and Have a great holiday weekend!