The GBP/USD pair fell during the session to get below the 1.60 level at the close. This is a relatively negative expression on this pair, but the truth is we still haven’t broken down below the lowest low. As long as that’s the case, we think this pair still has positive momentum and that it is trying to form a base at this point in time.
We still believe in the upward momentum of this pair, but we have to admit that if the 1.59 level gets violated to the downside, all bets would be off. If that’s the case, we would begin to pull back to the 1.57 level in our opinion. However, we are not willing to short this pair until we get below the 1.57 level.
Written by FX Empire