The GBPUSD pair went back and forth during the day on Monday, but found the 1.70 level to be resistive enough to keep the market somewhat down.

Because of this, we feel that the market will more than likely continue to struggle going higher, but if we can clear the aforementioned 1.70 handle, we would be more than willing to start going long again as we feel the market should head to the 1.72 handle.

With that, we are bullish, but we don’t have the right signal or candle yet to be involved to the upside.

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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