The GBPUSD pair broke higher during the session on Tuesday, but could not clear the 1.72 level that we have been looking for in order to start buying again.

Because of this, we are still on the sidelines of this pair, but recognize that the move is likely to happen sooner or later.

After all, this is a pair that has been in a nice uptrend for some time, and it should be noted that the EUR/GBP pair fell hard during the session as well.

With that, we are bullish been waiting for that move above 1.72 in order to go long.

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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