The GBP/USD pair broke higher during the course of the session on Wednesday, as we tried to bounce back into the previous consolidation area. Although we closed at the very top of the range for the session, we believe that it’s only a matter of time before the sellers step back in, and therefore we are only interested in selling and not buying. Ultimately, we believe that this market does break down below the 1.55 handle, and then heads down to the 1.50 level. We have no interest in buying this market at the moment as we think the bearish pressure is simply too strong.
