The GBP/USD pair fell during the course of the day on Tuesday, but did bounce a little bit towards the end. Nonetheless, this looks like a market that although soft, isn’t quite ready to go anywhere yet. We believe that the market continues to go back and forth during the course of the next several sessions, thereby making it almost impossible to trade at this point in time. The 1.52 level below is massively supportive, while the 1.55 level above is massively resistive. Because of this, we are actually going to step to the sidelines.
