The GBP/USD pair rose during the session on Wednesday, bouncing off of the 1.66 level in order to continue the basing pattern that we’ve seen recently. We believe that this market will eventually go to the 1.70 level, although it could be a little bit choppy going up to that area, but at the end of the day we believe that the longer-term resistance area of the 1.70 level will prove far too tempting for the market to avoid. Any pullback at this point time should be a buying opportunity, on both daily and short-term charts.
