The GBP/USD pair slammed into the 1.5750 level during the session on Tuesday, proving that area to be resistive still. With that being said, we await to see whether or not this market can breakout above the level and a daily close would be needed to start buying. Otherwise, we feel that we will continue to consolidate in this range that has eight top at the aforementioned 1.5750 level, and a bottom at the 1.55 handle. In the meantime, expect choppiness, but that daily close would be enough to get us to start buying as we think that US dollar is in a bit of trouble at the moment.
Written by FX Empire