The GBP/USD pair attempted to breakout and above the 1.50 handle during the Wednesday session, but as we had stated in yesterday’s analysis, the 1.50 level offered a significant amount of resistance. The candle that formed for the session is a shooting star, and although we had a hammer for the Tuesday session, this suggests that the sellers are still in control this market. Quite often when this type of situation comes up, we get a bit of consolidation before a continuation of the previous move, in this case lower. With that being said, we are still selling the British pound.
Written by FX Empire