The GBP/USD pair initially fell during the day on Monday, but found the 1.52 level to be supportive enough to turn things back around. By doing so, we bounce all the way to the 1.5350 region, and it now looks like we’re going to make a serious attempt to reach the 1.54 handle, followed by the 1.55 handle which of course has been massively resistive. With this, we are bullish short term but recognize that there is a lot of volatility ahead. Once we get above the 1.55 handle, we feel this market will then try to get to the 1.58 level.
