The GBP/USD pair had a positive showing on Monday, breaking above the 1.5250 level at one point during the session. You can see that the market is hovering right around that area, but quite frankly we suspect that there will be a selling opportunity sometime soon. This area was support previously, and therefore we think it should be resistance now. The obvious breakdown of the trend line from about two weeks ago should signal lower prices in the future. Because of this, we are simply waiting to see if we get a resistive candle in this general vicinity to start selling again.
Written by FX Empire