The GBP/USD pair initially rallied during the session on Monday, but found enough resistance at the 1.58 level to keep the market somewhat muted. With that, we believe that ultimately this market will go higher but we have to break above the 1.58 level in order to feel comfortable buying. We certainly don’t want to sell though, because we recognize of the 1.57 level is so massively supportive. We ultimately believe that the British pound will be one of the better performing currencies that we follow, and as a result we are “buy only” in this market.
