The GBP/USD pair gapped higher at the open on Monday, but as you can see spent most of the day pulling back. We’ve gone too close to the 1.60 handle to short of amount of time in our opinion, and as a result we fully expect to see a little bit of a pullback at this point. We would buy a supportive candle in this general vicinity though, but only for a short-term trade. We do believe the 1.60 will be massively resistant though, and because of that we think that it is difficult to buy anything for any real length of time.
Written by FX Empire