The GBP/USD pair fell initially during the session on Monday, but you can see that the 1.55 level did in fact offer enough support to print a positive candle. Nonetheless, we did not manage to break out, so we are a little bit tentative about buying at this point. On a supportive candle, we would certainly do so, as would breaking above the recent high have us buying as well. As for shorting is concerned, we would need to break down and close below the 1.55 handle in order to do so on the daily chart. If that were to happen, were not looking for any type of meltdown, rather a pullback to roughly 1.5250 before continuing higher.
Written by FX Empire