The GBP/USD pair initially rose during the session on Monday, but as you can see fell later in the day to form a negative candle. This negative candle is sitting just above the 1.5250 level, an area that we had suggested was very important support going forward. That being the case, we feel that this market is trying to break down below that level, and then it may very well eventually do so. On a daily close below the 1.52 level, we believe that this market reaches the 1.50 level in relatively short order. As far as the upside is concerned, we would have to break the highs from the session on Monday in order to feel comfortable buying.
Written by FX Empire