The GBP/USD pair broke higher during the course of the session on Monday, as the 1.50 level looks a bit like a springboard. The spring board should send this market looking for the 1.53 handle, as it is the top of the recent consolidation area. If we can get above there, the market should then head to the 1.55 handle given enough time. We believe the resistive candles above should be selling opportunities, as the market is most certainly in a downtrend. However, we are willing to take a short-term buying position above the 1.53 level as we are so confident in the move to the 1.55 handle after that.
