The GBP/USD pair initially tried to rally during the session on Wednesday, but with the Bank of England failing to impress upon the market a bit of a drive to tighten monetary policy, the British pound was in fact sold off later in the day. That being the case, we formed a shooting star, which sits just above a very significant support area. The 1.70 level of course is the significant bottom that we have been watching, so a supportive candle just below of course is something that we plan on buying.
