By FXEmpire.com
The GBP/USD pair initially rose for the week, but was turned back in a hurry to form a bit of a shooting star. However, the market is heavily supported at the 1.6050 to 1.60 levels, so selling here is going to be very difficult. The easiest signal is to buy on a break above the shooting star as it would show a momentum move to the upside that would be strong. The breaking below wouldn’t be a signal to sell until we are sub-1.60 in our opinion. We prefer to sell in the long run, but the cable pair has been resilient lately, and as a result we will be very careful before doing that. There are much easier pairs to short at the moment as the “risk off” trade looks to be coming into full force around the markets.
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Originally posted here
