GBP/USD rose on Tuesday as traders bought the Pound in general. The move is decidedly countertrend to the recent fall, and because of this we are currently waiting to see if the gap from the weekend closes before trading it. The 1.58 level should prove to be resistive, and if it shows weakness – we are shorting cable. A new low would also have the same connotations for our trading as well. We are not interested in buying this pair as it looks absolutely broken at this point.
Written by FX Empire