The GBP/USD pair rallied on Monday, as the US dollar softened a bit overall. The 1.27 level above could be resistive yet again, but I think the real massive “ceiling” in this market is closer to the 1.2850 level above. The uptrend line underneath should continue to push this market higher, so at this point I think it’s only a matter time before we continue to try and test that aforementioned ceiling. If we can break down below the 1.25 level, I feel that the British pound will test the 1.20 level underneath.
Written by FX Empire