The GBP/USD pair had a pretty volatile session during the day on Wednesday, as we touched the 1.58 level, and then turned back around to break below the 1.57 level. Ultimately though, the 1.57 level did offer a bit of support, and now the market simply looks like it is trying to find enough momentum to start bouncing again. We believe ultimately that this market should go higher, but quite frankly don’t have the signal to start buying quite yet. We certainly wouldn’t sell this market though, because we believe that there is more than enough support all the way down to the 1.55 handle.
