The GBP/USD pair looks absolutely horrible as the pair collapsed on Monday. We’re closing towards the bottom of the candle, and this almost always means that weakness will continue. If we managed to break down below the 1.5640 level, we think that this pair will first try 1.56, and then eventually find its way down to the 1.55 level. As for buying, even though we see quite a bit of noise below we find it difficult to do so as the pair has broken down so relentlessly. Going forward, we think that the best trades will probably be short-term, selling rallies as they happen.
Written by FX Empire