The GBPUSD pair fell during the course of the day on Monday, but as you can see remains somewhat afloat, and more importantly supported at the 1.70 handle. We still believe that this market goes higher, and that this pullback will certainly attract buyers as we have been in a pretty significant uptrend for a while.

Have no interest in selling until we clear below the 1.69 level, which is something that we don’t see happening anytime soon.

A break higher could head to the 1.72 level, and a break above there has is aiming for the 1.75 handle.

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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