The GBP/USD pair initially went higher during the course of the day on Tuesday, only to find the 1.66 level a bit too resistive to continue the move higher. With that, we have formed to shooting stars in a row, meaning that British pound continues to have selling pressure put upon it. If we can get below the 1.65 handle, that is a significant breakdown, and as a result we are heading towards the 1.60 level over the longer term. On the other hand, if we can break above the 1.66 handle, that would be breaking the top of two shooting stars, and as a result that would be a very positive sign as the market should then head to the 1.68 handle.
