The GBP/USD pair fell heavily again on Monday, as incoming Bank of England chairman Mark Carney suggested that further easing couldn’t be ruled out in the case of the United Kingdom. With this being the case, a lot of traders would’ve been caught “flat-footed” and as a result missed the meltdown. However, we do see that this pair has broken through a significant support zone, and is now in the middle of a massive noisy area from last summer. Because of this, we recognize that the pair has broken down completely, but are not willing to sell it yet. For the time being, we are on the sidelines.
Written by FX Empire