The GBP/USD pair bounced off of the 1.5250 level on Monday in order to prove that area as support. Because of this, we think that the next fight will be at the 1.54 handle, and then the 1.55 level. As far as that is concerned, we feel that the market will try to break above 1.55 before it’s all said and done. If it does, expect a serious fight of the 1.5750 level as well. Also, be aware the fact that the Federal Reserve and it’s tapering, or lack of, could be a major factor in this market as well.
Written by FX Empire