The GBP/USD pair took off this past week, and even managed to break above the 1.60 level – an area that had been very resistive. The market shot straight
The GBP/USD pair took off this past week, and even managed to break above the 1.60 level – an area that had been very resistive. The market shot straight up to the 1.6150 area, which was supportive several months ago. This area could produce some resistance, and with the parabolic nature of this move – provide a much needed pullback. Until we close on the daily below 1.60 though, we are not willing to sell this pair. We like the idea of seeing a daily candle close somewhere near 1.60 showing a supportive tone – and then buying. If we break below 1.60, this pair becomes another selling pair at that point.
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.
