GBP/USD fell hard on the Wednesday session, and even reached to the bottom of the recent support area in the form of 1.59. The top of this recent area of consolidation is to be found at 1.62, and we could see a bounce back up to that level. However, the ferocity of the down move during the session has us wondering about this. The breaking of the 1.59 level for more than a couple of hours has us selling, as the pair could probably move to 1.55 pretty quickly. The bounce, if it comes, might simply be a reason to sell as long as we are under 1.62.
Written by FX Empire