The GBP/USD pair initially took off to the upside during the session on Wednesday, but found the area just below the 1.50 level to be resistive yet again and as a result the market fell. Because of this, we believe that the market still will sell off every time it rallies. We have no interest in buying this pair, and we believe that short-term traders will continue to push lower and lower. Eventually, we believe that the market breaks below the 1.4750 handle, and that leads to the 1.45 handle given enough time.
