GBP/USD fell hard on Monday as the markets continue to trade with a “risk off” attitude. The crisis in the EU continues to weigh upon any currency that is farther out on the risk spectrum, and with this in mind the falling of cable makes total sense. Because of this we like selling rallies going forward, and will continue to do so unless we close above the 1.57 level. The 1.55 level below is support, and that goes as low as 1.53 as far as we can see. The pair looks weak, and if we can break below that level – this pair falls much, much further.
Written by FX Empire