The GBP/USD pair initially fell during the day on Monday, but found enough support at the 100 day exponential moving average to turn things back around and shoot higher. Keep in mind that there is an uptrend line just below here as well, and of course the 1.55 support level. However, we also have resistance of the 1.57 level, so although we feel that this market eventually goes higher given enough time, the truth of the matter is that in the meantime we are probably going to consolidate. With this, we are bullish on pullbacks that show signs of support but realize that profits will have to be taken rather quickly.
