The GBP/USD pair fell during the session on Monday, but got a nice bounce off of the 1.60 area in order to form a hammer. This market looks like it’s beginning to get ready to rise again, and a break above the highs from Friday would be a nice signal to start going long. We still think that the 1.62 and the 1.63 levels will offer resistance, but we are bullish of the British pound in general. We have suggested previously that it would be a grind going higher, and it looks like that is what we’re getting currently. We are still buying on dips, and not selling.
Written by FX Empire