The GBP/USD pair rose as traders took on more risk after the Greek parliament voted to accept austerity measures. The pair is a barometer for risk, and this reaction isn’t necessarily surprising. The biggest issue this pair faces is that the recent action has been so bearish, it is hard to imagine wanting to buy it. The 1.59 is the absolute bottom of support, and if that gives way, we are looking for 1.55 in short order. The latter hours of the day had this pair falling slightly, so we are skeptical of the long-term bullishness of this pair at the moment. We are looking for rallies to sell at this point.
Written by ForexMansion.com