The GBP/USD pair fell hard on the Tuesday session as traders continue to sell off the Pound and run to the safety of the US dollar. The pair also broke the bottom of two weekly hammers during the session, and this is a very bearish scenario as well. The 1.58 area is offering support at the moment, but this must be looked at as minor support. Because of this, we feel that the selling of bounces could be the smart play in this market. We will not buy this pair now, due to the weekly chart showing weakness.
Written by FX Empire