The GBP/USD pair rose again during the Monday session, but finished a bit flimsy. The 1.60 level has been broken, but the pair is closing as a bit of a doji, if not a semi-shooting star. The candlestick would have us leery of going long at this point, although the momentum is clearly to the upside. The breaking of the ends of the candle shall be our guide, as if we break higher – then it shows that the momentum has picked back up. If we break lower, this would show a failure to find follow through on the breakout.
Written by FX Empire