GBP/USD fell for the session on Tuesday as the bears continue to pound away at the Pound. The 1.5650 to 1.56 level was violated, but held up at the end of the day. The area didn’t really produce much of a bounce, so this could be telling as to the strength of the support at this point. Because of this, we are looking to sell again on the first sign of weakness as it looks as if this market is about to fall down. We like selling rallies, and would be especially interested in selling a daily close below the 1.56 handle. Buying isn’t a thought at the moment as this market looks so weak.
Written by FX Empire