The GBP/USD pair tried to rally during the course of the session on Thursday, but failed to hang onto the gains and turned back around to form a negative candle. With this, we think that the bearish pressure will continue on the British pound, and that it’s only a matter of time before we head back down to the 1.60 level. Any rally this point time would have to be treated with suspicion, as we think the 1.63 handle above should be relatively resistive and the downtrend should almost certainly continue going forward.
