GBP/USD pair fell during the session on Wednesday, but as you can see we are still well above the 1.5250 level, an area that we suspect is going to be rather supportive now. Because of this, we are still bullish of this pair, and still expect it to run towards the 1.55 handle before it’s all said and done. That being the case, we are looking for some type of supportive candle in order to start buying, and would even consider shorter timeframe such as the four-hour chart. Above the 1.55 level is a bit strong for our liking, so our thesis is that we get a bounce from here, and then turned back around and fall from that level.
Written by FX Empire