The GBP/USD pair rose during the session on Monday, but found the 1.5750 level to be far too resistive as one would expect. The resulting candle is pretty positive, but we think that the market is still stuck in this consolidation area that we’ve been in for some time, and because of that we feel that this market is more or less a short-term traders market instead of one that people will be comfortable hanging onto a trade in. However, if we do break above the 1.5750 level, this market should head straight to the 1.60 handle.
Written by FX Empire