The GBP/USD pair went back and forth during the session on Monday, essentially hugging the 1.65 handle. That being the case, the market appears like it’s trying to find some type of base around here, which is what we would expect to see any way based upon previous candlestick formations. This area extends all the way down to the 1.63 level, and we believe that a supportive candle between here and there would be a decent buying opportunity. A break above the highs for the session on Monday would in fact be a buying opportunity as far as we can tell, just as the aforementioned supportive candle below.
