The GBP/USD pair gapped higher at the open on Monday, and then simply sat there. We clear the 1.67 handle, and as a result we believe that this market will go higher. The 1.68 level is resistance though, so we do not expect that to be an easy barrier to break above. Ultimately, we feel that this market breaking above there probably leads to the 1.70 level, and then possibly 1.72. On the other hand, if we break down below the recent low, we could very well fall apart and head to the 1.65 level.
