The GBP/USD pair ended the session unchanged on Wednesday, as the 1.55 level remains and focus. This area was once a massive support in the consolidation area, and as such we feel that the market will continue to react to this level. However, the candle for the neutral session gives us a fairly straightforward trading signal: if we break the top of the range for Wednesday and Tuesday, we would be buyers of this pair and aiming for the 1.57 level. On the other side of that trade, if we manage to break below the lows on Wednesday we feel that shorting is the appropriate route to go and aiming for 1.5250 is probably prudent. In the meantime, we will simply wait for a breakout of the Wednesday range.
Written by FX Empire