The GBPUSD pair broke higher during the course of the session on Monday, but turned back around to form a shooting star.

The shooting star of course is negative, so if we can break down below the bottom of the shooting star, the market should then head towards the 1.53 level.

That being the case, the market should be bearish on a break lower for at least the short-term.

However, if we can break above the top of the shooting star, we would be very bullish as it would break through significant selling.

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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