The GBP/USD pair broke higher during the course of the session on Wednesday, as we continue to grind our way to higher levels. Now that we have touched and broken above the 1.53 level, we feel that the market is probably going to try to reach towards the 1.54 handle. Having said that though, we also recognize that the Monetary Policy Statement coming out of the United Kingdom today could cause quite a bit of volatility. We are still most certainly in a downtrend on the longer-term charts though, so we are waiting to see whether or not we get a resistant candle to start selling.
