The GBPUSD pair went back and forth during the course of the day on Tuesday, essentially settling nothing.

With that being the case, the markets look like they are going to continue to consolidate overall, with the 1.55 level being the bottom, and the 1.57 level above being the top.

Ultimately, this market should have plenty of buying pressure underneath to push it higher, and with the Monetary Policy Committee Statement coming out during the session today that could be the catalyst to move the market higher.

Regardless, we think the pullbacks offer buying opportunities as long as we can stay above the uptrend line.

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the British Pound Sterling (GBPUSD), minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling (GBPUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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