The GBP/USD pair fell during the session on Tuesday after initially trying to rally and get back above the 1.55 handle. This failure produced a shooting star, and that of course is a very negative sign. We still feel that there is a ton of support below though, and as a result it’s very difficult to short this pair right now. That being the case, we are simply going to avoid it unless of course we managed to break the top of the shooting star, which of course is a very positive sign. We would also buy supportive candles closer to the 1.54 handle, and the 1.5250 level.
Written by FX Empire