The GBP/USD pair did very little during the Tuesday session as we remain just below the 1.60 level. This area is a scene of significant consolidation, and we are towards the bottom of that region. We see the 1.59 level as being the “ultimate bottom” of support, and as such we need to break down below that in order to make a lower low, which of course would have us selling. We think if that happens, we will be heading towards the 1.57 level. As for buying, if we managed to break above the top of Monday’s range, we would be willing to make a trade for higher prices.
Written by FX Empire