The GBP/USD pair trying to rally during the session on Monday, but as you can see ran into too much resistance of the 1.6350 handle. The resulting resistance pushed the market lower, and formed a shooting star. The shooting star signifies that the market is in fact going to more than likely drifted bit lower, but there is significant support to be found near the 1.62 handle, so we are not keen on selling quite yet. On top of that, we are getting towards the end of the year, and therefore we think the market will be relatively quiet overall. Because of this, we are on the sidelines.
Written by FX Empire