The GBP/USD pair attempted to rally during the session on Wednesday, but as you can see failed just below the 1.62 handle in order to turn around and form a shooting star. The shooting star is right after the hammer that had formed on Tuesday, and as a result we think the market is a bit confused and could possibly grind sideways for a moment. That being said, we still believe that there is more risk to the upside and the downside, and would be buying supportive candles as they appear. Selling is not an option.
Written by FX Empire