The GBP/USD pair initially tried to rally but then turned back around to form a rather negative candle. Ultimately, this is a market that is simply bouncing around an area that is a lot of noise. If we can break down to a fresh, new low, we would be sellers at that point in time as the GBP/USD pair should reach towards the 1.50 level. On the other hand, if we break higher from here we think that it is probably simply going to be a selling opportunity. A resistant candle above should be an opportunity to pick up “value” in the US dollar.
