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GBP/USD remains a sell on rallies - 2ndSkies

FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, remains bearish GBP/USD while below 1.6520, adding that will be open to selling on a corrective pullback into this level.

Key Quotes

"As we talked about last week, we suspected a 'No' Scottish Independence vote as the price action was building up ahead of time. We wrote in our daily market commentary that if 1.6440 was broken, expect 1.6500 and 1.6540 to be attacked."

"What is most interesting, is instead of continuing the bullish move after the No vote, the cable sold off heavily for the next 16+ hours, closing over 230 pips lower and forming a long tailed pin bar in the process. This is showing you how the large players are still looking to sell the pair on rallies."

"For now, we'll remain bearish while below 1.6520, and will be open to selling on a corrective pullback into this level. The downside support zone where bulls are likely to step in is between 1.6060 and 1.6160."

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