The GBP/USD pair rose above the 1.60 level during the Wednesday session, only to be repelled by it over the course of the trading day. The failing at 1.60 does cause a case for bearishness, but there was also a shooting star-shaped candle printed at the end of the day as well. Because of this, we feel if the market trades below the bottom of the 1.59 area, this pair is going to fall. The 1.60 area is obviously very resistive, and we would have to close above it on the daily chart to get bullish at this point.
Written by FX Empire