The GBP/USD pair had a strong showing on the Friday session, but failed to close above the 1.58 level. The pullback and that area suggests to us that there is a considerable amount of resistance just above it. That being the case, we suggest that the pair should continue to go lower over the long-term, and as a result we are willing to sell it in this general vicinity. We would give a 100 pips stop loss, and accept the fact that this pair will be a grinder lower rather than some type of serious move. With that being said, is not our favorites rate, but it is certainly one that we feel has a high probability of being profitable.
Written by FX Empire