The GBP/USD pair rose during the session on Wednesday, but fell back from the 1.6150 region to form a shooting star. The shooting star of course is very signal, but we do not think that this market can be sold at this moment. Quite frankly this is probably going to end up being a pullback to test the 1.60 handle for support, as it was once resistance. That being the case, the market should continue to find buyers down in this region and we still believe in the overall consolidation that we have been involved in. Because of this, we are buying pullbacks to show signs of support, or break of the top of the shooting star from the Wednesday session.
Written by FX Empire