The GBP/USD pair fell hard during the session on Tuesday as the Federal Reserve failed to give the signal for continued easing during the minutes release. The 1.60 level has held as resistance, and we even mentioned the other day that although we got over it – the action wasn’t all that convincing. At this point in time, the 1.59 level looks like it could be supportive, and because of this – we need to sell only when we get this pair below that level on a 4 hour or daily candle.
Until we get above the 1.60 level, we aren’t willing to buy at this point as it looks like the Dollar is going to gain against most currencies. With this in mind, we are simply looking to sell continued weakness in this pair.
Written by FX Empire