The GBP/USD pair fell during the session again on Wednesday as the bearish pressure continues. However, the 1.60 level has offered support yet again and although we pierced it, we could not sustain that move. With that being said, a break of the highs from the Wednesday session would be a nice buy signal. As far as selling is concerned, we would be leery of doing so as we see quite a bit of support all the way down to the 1.58 handle. We think that eventually this pair does bounced significantly, and when it does we should take off for the next leg higher.
Written by FX Empire