The GBP/USD pair fell during the day on Monday as we continue to chop back and forth with no direction in mind. Longer-term, it looks as if we may try to rally but quite frankly I would stay away from this pair. There are far too many things moving it at this moment, and I believe that there is a significant amount of support just below, so in other words, we just can’t go anywhere. This is essentially “dead money” now as people continue to fret about whatever situation is going on in the European Union talks over the last hour. In other words, retail trader should stay away.
Written by FX Empire