The GBP/USD pair pulled back during the session on Wednesday, but then went much higher and hit the 1.57 level. We believe that there is a significant amount resistance in this general vicinity though, and as a result there is only a few things that we can do. We can either short now, or we can wait until we form some type of resistant candle in order to turn things back around and start selling again. We ultimately believe that this market should fall after forming a resistant candle, as it certainly is a massive downtrend in the US dollar is the favored currency around the world.
