The GBP/USD pair rose rapidly during the session on Monday as the 200 day moving average continued to offer support in this pair. The 1.58 level looks like the area we need to break below in order to sell this pair, and the 1.60 level above certainly look resistive. Because of this, the pair is now just a scalper’s market to many. However, once we break free of these areas, and in the case of 1.60 – we should see new highs at about the 1.6050 area in order to buy. As for selling, we need to see the 1.58 level broken to the downside on a daily close.
Written by FX Empire