By FXEmpire.com
The GBP/USD pair has fallen hard for the week as the risk appetite has been absolutely horrible. The cable pair is well-known as a barometer of risk, and the fall shouldn’t be a surprise as there are so many negative headlines coming out of Europe at the moment.
The 61.8% Fibonacci level has so far offered nice support as it coincides with the 1.5650 level that has been so supportive in the recent past. The level is an obvious support level that everyone in the market can see. Because of this, we like selling this pair on a daily close below the level. Any rallies would be sold on the first sign of weakness until we break above the 1.60 mark.
Click here to read GBP/USD Technical Analysis.
Originally posted here
