The GBP/USD pair fell drastically during the session on Tuesday, and close towards the very bottom of the range. However, the 1.50 level is extraordinarily supportive, and of course vital based upon the fact that it is a large round number. This round number of course is major, so we need to see a daily close below it in order to start shorting. We certainly don’t advocate buying this market, and because of this we will certainly look for a break of the 1.50 level, and ignore supportive candles, simply because there is far too much pressure to the downside at the moment. We believe that any rallies will more than likely offer opportunities to sell again.
Written by FX Empire