The GBP/USD pair initially rallied during the session on Monday, but as you can see pullback to form a shooting star. Because of this, the market could very well drop from here but we recognize that the weekly chart looks like it’s trying to form some type of base. If we can get above the 1.62 level, we would be buyers of the British pound. However, we are not willing to sell at this moment as there is so much in the way of noise below, as well as the all-important 1.60 handle.
