By FXEmpire.com
The GBP/USD pair rose to test the 1.57 resistance area yet again. It should be noted that resistance goes all the way 1.58, and the daily candle on Friday was of course a shooting star. This could be a sign that the pair will again continue to fall at this area, and as such we think that consolidation is probably going to be the way forward.
However, if we get above the 1.58 level on a daily close we are willing to go long and hold onto the trade at least until the 1.608 handle. For the downside, we think that the 1.5250 level will be targeted eventually as it was the recent low, as well as the low area from November of 2011, and October of that same year.
Click here a current GBP/USD Chart.
Originally posted here
