The GBP/USD pair initially tried to rally during the session on Wednesday, but was met with selling at the 1.59 level. The candle is bearish, and we are breaking the lows of the previous session which of course formed a shooting star. This suggests to us that we will continue lower, and probably aim for the 1.57 level as it is significant support. We have no case in which we want to buy this pair right now, as it simply looks broken. In fact, rallies that do not rise above the 1.60 level look like selling opportunities to us.
Written by FX Empire