The GBP/USD pair tried to go much higher during the session on Monday, but as you can see turned around and formed a massive shooting star. The shooting star of course is bearish, but we don’t necessarily want to short this market, rather we think that the impending pullback will indeed be a nice buying opportunity in the market as it has gone a bit too far into short of amount of time. The 1.60 level should be supportive, as it was once resistive, and we do believe that ultimately this market goes higher. Because of that, we are not sellers at any point.
Written by FX Empire