To learn more click here
The GBP/USD pair initially surged during the week, only to be turned back at the 1.57 resistance area. Furthermore, the weekly candle is a shooting star and suggests that we are going to fall from here. Granted, it is the summer trading ranges that we find ourselves in, and as a result we suspect that 1.5350 will continue to be a bit of a floor in this market. Because of that, we think this is a signal to sell this market, but we think that the 1.5250 level will continue to hold for the next few weeks. In order to go long, we need to see a daily close above 1.58 or so.