The GBP/USD pair broke above the 1.60 area, but was quickly pushed lower as the resistance area held. The pair looks like it wants to build a supportive based here, but the truth is that is couldn’t break above and hold that all-important level. Because of that, we feel any rally is simply a selling opportunity, and the pair is looking weaker and weaker as time goes along. We sell rallies, and currently aren’t buying this pair at all. A break below 1.59 would be an extremely bearish.
Written by ForexMansion.com