The GBP/USD pair fell during the session on Tuesday, slicing through the 1.70 handle. While this is a negative move, there is a significant amount of support below, thereby making it impossible for us to start selling. In fact, we saw enough of a bounce towards the end of the day that we think the buyers are going to start stepping in in this general vicinity. We are looking to buy offer short-term chart, recognizing that the market is most certainly in an uptrend. On top of that, we believe that this is simply a momentum building exercise that should send of the British pound higher.
