The GBP/USD pair tried to rally during the course of the day on Wednesday, but failed at the 1.56 region in turn things back around to form a shooting star. While this is a fairly negative sign, the reality is that the 1.55 level below is massively supportive as well, so really at this point time we feel that is simply going to be a return to that consolidation. If we can break down below the 1.55 level, at that point time we would be very bearish as we think the market should then go to the 1.50 handle.
