The GBP/USD pair went back and forth during the day on Wednesday, but found enough resistance near the 1.54 level to turn things back around and fall. However, the 1.53 level offered enough support that the market looks like it’s going to struggle to break down below there. We do think that it does though, and as a result we believe that the next move in this market is to the 1.51 support level. We have no interest in buying this market until we clear the 1.55 level with significance, and as a result, we are essentially “sell only” at this point.
