The GBP/USD pair went back and forth during the session on Wednesday, essentially going nowhere. We think this is a relatively bullish sign though, as the market simply has broken out above the resistance recently, and now appears to be homely trying to build up a bit of momentum. Because of this, we believe that this market goes higher, but also recognize the fact that the 1.55 level will more than likely offer a bit of resistance, and might actually be a better place to start selling from instead of bothering with a countertrend trade.
Written by FX Empire