The GBP/USD pair rose during the Tuesday session, essentially reversing the losses from Monday. This market looks like it could be trying to react to a supporting area, and as a result we think that a move above the 1.58 level on a daily close is enough of a reason to start buying again. As far as selling, we are currently stuck in an area that should be fairly noisy based upon the ascending triangle over the summer that broke out in order to give us the run to the 1.63 handle. Because of this, we are not selling this market, but looking for strength in order to start buying again.
Written by FX Empire