The GBP/USD pair went back and forth during the session on Monday, remaining above the 1.55 support level. This market has essentially done nothing over the last couple of sessions, and appears to be quite comfortable just above the 1.55 handle at this point. This of course is very bullish as the level was once resistance, and the appearance of comfort certainly means that the market participants are not averse to being up in this general vicinity. Because of this, we feel that a break above the recent resistance of the 1.56 level would indeed be very bullish overall. As far as selling is concerned, we have no interest in doing so at this point.
Written by FX Empire