The GBP/USD pair rose during the session on Monday, as the 1.57 level continues offer support. However, right now we look at this market as one that is simply consolidating somewhere between 1.57 and 1.59, and because of this we don’t see a whole lot of potential more than the daily scalp or so. With this being the case, we are simply observing this market and waiting to see who wins – the buyers or sellers. On a break above the 1.59 level, we be more than willing to start buying again, and on a break below the 1.57 level we would be willing to start selling.
Written by FX Empire