The GBP/USD pair tried to rally during the Thursday session, but as you can see the range was relatively tight, and the market formed a shooting star shaped candle. Going forward, we do have a hammer any very significant support level down at the 1.5050 level, so selling here is difficult. The market is in a longer-term downtrend though, and as a result we are hesitant to buy at this point. Going forward, we expect to see a tight range, but will not be participating until we can crack below the 1.50 level.
Written by FX Empire