The GBP/USD pair broke higher during the session on Monday, as the 1.55 level offered quite a bit of support.

That support is what we needed to see in order to start buying again, because we recognize that the uptrend needed support to hold in general.

This was an area where we anticipated seeing that support, and now that it has appeared we think that the market will probably head back towards the red line on the chart at the 1.57 level. Above there, we would head to the 1.58 level, and then possibly the 1.60 level.

We have no interest in selling the British pound.

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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