The GBP/USD pair tried to rally during the session on Monday, but as you can see failed to hang onto the gains for any great length of time. Doesn’t really matter though, this is a market that is heading into the Christmas holiday, and as a result it’s very likely that this market is and going to go much further over the next couple of sessions. We still see this market as being in a consolidation area, so ultimately we think this market will continue to grind sideways, but ultimately we need to see a break above the 1.65 level in order to hang onto any long-term buying positions.
Written by FX Empire