GBP/USD fell hard on Tuesday as traders sold off risk in general and even broke through the bottom of the hammer from Monday. The 1.60 level gave way, and this is a bearish move in our opinion. The 1.59 level seems to be the absolute bottom of support and we think a daily close below there would be a seriously bearish signal to sell this pair. The buy side is difficult to see from this point, and we think that the market also looks a little bit toppy at this point. We like selling rallies or a daily close below the 1.59 level.
Written by FX Empire