The GBP/USD pair had a while back and forth session during Wednesday as we both bounced off of the 1.50 zone, and failed of the 1.52 level. With that being said, it looks like not much will have changed as we are going to close the day essentially where we started, but after forming a long legged doji. This shows that there is a significant amount of indecision right now, but with the trend being to the downside, we have to think that selling will commence relatively soon. Because of this, we are selling on short-term rallies, expecting to retest the 1.48 level yet again.
Written by FX Empire