GBP/USD try to breakout and above the 1.60 level on Friday, but was repelled and went much lower by the end of the session. In fact, we closed the very lows just below the 1.59 handle. This candle looks like it’s breaking support as we speak, and as such we believe a break of the lows from the Friday session should send this pair down to the 1.57 handle. This area around 1.57 is the next significant support area, and we do believe that for the market is trying to get to. As far as buying is concerned, we would only do so on a break above the 1.6050 handle.
Written by FX Empire