The GBP/USD pair went back and forth during the course of the session on Wednesday, as we continue to drift slightly lower over the course of time. I believe that it’s only a matter time before the sellers get involved when we rally and I also believe that the 1.20 level below will be tested again. Given enough time, we could very well break down below there but I think that we are going to see much shorter moves in the meantime, so therefore look for short-term rallies that show signs of exhaustion in order to take advantage of “value” in the US dollar.
