The GBP/USD pair fell during the session on Wednesday, testing the 1.50 handle that we had suggested was a target recently. This level appears to be supportive enough that the market is down slightly, and because of this we believe that the market will struggle to get down below that handle, at least for the short term.
Nonetheless, we feel that a bounce from this area will more than likely only offer a selling opportunity in the future. We are selling rallies as show signs of weakness, as well as selling a break of the 1.50 handle. Buying is not a thought at the moment.
Written by FX Empire