The GBP/USD pair rose during the session on Monday, but as you can see did really gain much. However, the important part of this action was that the 1.60 handle did in fact offer support. Because of this, we are mildly bullish of this market, but do not expect any great things. Quite frankly, a bit of consolidation between the 1.60 handle on the bottom, and the 1.6150 handle on the top is exactly what we expect to see over the next couple of weeks. That being said, we are bullish on short term charts.
Written by FX Empire