The GBP/USD pair went back and forth during the course of the session on Wednesday, ultimately settling at a relatively unchanged rate. In the case, we feel that this market is trying to find support below at the 1.67 handle, and a move above the top of the range for the previous session on Tuesday would in fact be a nice buying opportunity. As far selling is concerned, we would simply ignore any weakness in this market until we get below the 1.65 handle, which we see as the “floor” in the market. If we were to pull back, we are looking for supportive candle in order to go long. Ultimately, we expect this market to go to the 1.70 level.
