The GBP/USD pair rose during the session on Monday, bouncing off of the 1.4850 handle. However, we think that the 1.50 level will offer far too much resistance, and therefore waiting to see this market approach that level in order to start selling again on the first signs of weakness. Even if we get above the 1.50 handle, we do not think that this market climbs much beyond the 1.5250 level which should be rather resistive as well. Nonetheless, we are selling the British pound, it’s only a matter of when and at what level.
Written by FX Empire