The GBP/USD pair initially broke higher during the course of the session on Wednesday, but struggled a just below the 1.52 level. That area of course has offered resistance recently, so we can break the bottom of the shooting star, we feel that this market will continue to consolidate and head back down towards the 1.50 level. Ultimately, the 1.50 level is massively supportive, but could be broken down if we build up enough momentum. On the other hand, if we break above the 1.53 level, we feel that this market will then head to the 1.55 handle.
