The GBP/USD pair fell significantly during the course of the day on Wednesday, but then turned back around to slam into the 1.52 level. Ultimately, we ended up forming a bit of a hammer, and that of course is a bullish sign. However, there is a significant amount of resistance above so we are not quite convinced enough of bullish pressure in the British pound to start buying. We are simply going to wait to see whether or not we get some type of selling signal, or perhaps even confirmation of a strong buying.
