In a surprising show of strength, the GBP/USD pair smashed through the 1.58 level on Friday, and even ran up to the 1.5950 level, which is the beginning
In a surprising show of strength, the GBP/USD pair smashed through the 1.58 level on Friday, and even ran up to the 1.5950 level, which is the beginning of a massive resistance level which is centered around the 1.60 area. The pair looks strong at this point, but with the EU meetings over the weekend, the future direction is going to be difficult to pinpoint. The 1.60 level should point the way forward, and to be honest – we are very interested in selling signs of weakness. Buying isn’t going to be possible until we close above 1.60 on the daily timeframe at the very least.
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.
