The GBP/USD pair went back and forth during the course of the day on Tuesday, showing a fairly neutral and benign candle.

Because of this, we believe that the buyers are trying to lift this pair.  We think that the 1.55 level below should be supportive, and as a result the market should continue to go higher given enough time, as the markets will reach towards the 1.58 level eventually.

We are not interested in selling, simply because the support is just below.

With this, we are bullish in this market, but do not have the signal to be involved at the moment.

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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