The GBP/USD closed the session just above the 1.60 level, and as a result we think the pair has entered another leg up. However, the close isn’t convincing yet as it is just ten pips above the handle. Because of this, we are waiting to see if there is some follow through. On the event that we can close the Monday session above the handle, we are buyers. We would also buy if we can break above the 1.6050 level as well. We are sellers if we see weakness at the handle, but only for the short-term as it looks as if there is real pressure to the upside now.
Written by FX Empire