The GBP/USD pair fell hard during the Monday session to retest the lows of the recent consolidation that the market has been stuck in. The 1.5875 area seems to be a bit of a floor, so supportive action in the region of 1.59 could be interpreted as a bullish signal, at least for the short-term. The breaking down of this pair below 1.5850 would be extremely bearish at this point, but until then – we can’t sell this pair. We are looking for signals to go long on shorter time frames at the moment.
Written by FX Empire