The GBP/USD pair fell during the session on Wednesday, but found the 1.60 level to be supportive as one would anticipate. Because of this, we are bit leery of getting involved as we are so close to a supportive level, but at the same time the candle does look very bearish. With this, we are simply going to sit on the sidelines and wait for a much clearer signal to place a trade. That being said, the weekly candle of course was a hammer, and that’s normally a very strong sign of bullishness.
