The GBP/USD pair initially fell during the course of the day on Wednesday, but as you can see turned back around to form a bit of a hammer. The hammer of course is a bullish sign, and with that we feel that the market could very well bounce towards the 1.52 level. We think that area will be massively resistive though, so we are waiting to see whether or not the bounce produces a resistive candle that we can start selling yet again. We would not be surprised at all to see this, simply because it would be yet another attempt to build up momentum to finally break down below the 1.50 level.
