The GBP/USD pair initially rose during the session on Monday, only to turn back around and fail at the 1.58 level. The weekly chart shows a shooting star from last week, and this move lower during the later hours of Monday could possibly be the start of the next move down. However, there is an area around the 1.57 level that could act as fair support. With this in mind, we respect the weekly chart and look for selling, but need to see a daily close below the 1.57 level in order to sell this pair. Until then, we wait.
Written by FX Empire