By FXEmpire.com
The GBP/USD pair had a mildly bullish session on Monday as the pair couldn’t quite bounce after forming the nice hammer form the Friday session. The UK was downgraded by Egan-Jones rating agency, and as a result the Pound could be sold off slightly by certain funds. However, the pair showed little hint of that at the end of the day.
The 1.53 to 1.54 area continues to be a magnet of sorts in this pair, and the area will be difficult to break out of. None the less, we are only looking to sell rallies at this point, as the pair is oversold, but certainly in this global backdrop it will be difficult to bet against the US dollar
Click here a current GBP/USD Chart.
Originally posted here
