The GBP/USD pair fell after initially trying to rally on Monday. It looks as if we are bit overextended, and we have filled the gap on longer-term charts.
The GBP/USD pair fell after initially trying to rally on Monday. It looks as if we are bit overextended, and we have filled the gap on longer-term charts. I think a pullback is necessary, and quite frankly makes sense after this recent impulsive move to the upside. Having said that, I’m not looking to short this market, I just think that we may be able to find bullish pressure underneath, and therefore value that we can take advantage of. I am willing to sit on the sidelines in the meantime as I await value to take advantage of.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
