The GBP/USD pair fell hard during the day on Wednesday, as the British pound finally cracked below the 1.65 handle. The area just below is massively supportive though, so it is a bit difficult to start selling, at least until we get below the 1.6450 handle, where we feel that the remnants of the 1.65 support level would be history. Ultimately, we feel that this market is going to continue to be bearish, but could have a bit too to through before we get below this current region. Ultimately, we have no interest in buying this market quite yet, and we need to see a longer-term supportive candle in order to do so.
