GBP/USD rose again on Monday as the bulls came back into the market. However, we are very close to serious resistance at the 1.59 to 1.60 area, and this should continue to push prices lower when approached.
The candle closed towards the top of the daily session, so we think that is a serious attempt to break out of the recent range. However, the overall trend from years ago is still down. The selling of this pair will be done as soon as we see some kind of weakness, especially if we see it close to the 1.60 level. Buying isn’t a thought until we see a daily close above the 1.60 handle.
Written by FX Empire