The GBP/USD pair broke higher during the course of the session on Monday, but is right in the middle of the previous consolidation area so we feel it’s only a matter time before the resistance comes into play, and pushes this market much lower. We are without a doubt in a downtrend, so it’s almost impossible to imagine buying this pair anytime soon, and in fact we need to get above the 1.60 level in order to even consider it. If we see a resistant candle, we will not hesitate to sell this market as it should head down to the 1.55 level.
