The GBP/USD pair fell during the session on Monday as the markets continue to reach for the 1.60 support level. However, towards the end of the day we saw buyers stepped back into the marketplace, and as a result we closed well above the 1.6050 level.
Looking this chart, we still see the 1.60 level as massive support, and as a result cannot sell this pair until we get below that on a daily close. Even at that point in time, we do recognize the fact that there is a ton of support down at the 1.58 level as well. We prefer buying this pair, and will look towards the short time frame charts the closer we get to 1.60 in order to find a buy signal.
Written by FX Empire