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GBP/USD rose during the Monday session, but was repelled again just above the 1.57 level. This area has acted as massive resistance over the last few weeks, and we think that it is without a doubt the most important level on this chart. We think that resistance runs all 100 pips higher, and as such are looking to buy a daily close above the 1.58 level.
Even with all of this resistance, this is a chart is difficult to sell mainly because of all of the long wicks underneath. The buyers keep step in and buying this market which of course causes higher lows and shows real tension from below in order to push prices higher. Because of this, we want to buy a daily close above 1.58, but will sit tight until we get that signal.