The GBP/USD pair initially fell during the session on Tuesday, but pushed higher towards the 1.65 level. That level has been resistive though, and as a result it doesn’t surprise us that the market could not get above it. However, eventually the British pound will break out to the upside and if we can clear the 1.66 level, we feel that this market will continue to go much higher, probably as high as 1.70 given enough time. We’re not sellers, and we look at pullbacks as potential buying opportunities as the British pound has been so strong recently.
