The GBP/USD pair tried to rally during the session on Wednesday, but as you can see failed and formed a shooting star. This of course is a very negative sign, and the fact that the shooting star came so close to the 1.5750 level, we are willing to look at it as a potential sell signal. However, we think that there is a lot of support down at the 1.55 handle, and as a result we don’t necessarily think this is the best sell signal that we could see. Nonetheless, we do think that this pair at the very least is about to pull back.
Written by FX Empire