The GBP/USD pair initially tried to rally during the day on Tuesday, but as you can see ran into quite a bit of trouble once we got to the 1.57 region. Because of this, it looks like we’re not quite ready to break out to the upside, and then it is only a matter of time before we reenter the consolidation that we’ve seen for some time now. With that, we feel that pullbacks will probably offer reasonable buying opportunities as we have the 1.55 level below, as well as the 100 day exponential moving average and an uptrend line. All of these factors make us believe that eventually we will break out to the upside, but we don’t look ready to do so quite yet.
