The GBP/USD pair bounced during the session on Wednesday, using the 1.48 region as a bit of a springboard. However, there is a significant amount resistance of the 1.49 level, as we have seen recently, so having said that we pulled back and it looks as if we will continue the downtrend given enough time. We are looking for short-term rallies in order to start selling yet again, and have no interest whatsoever in buying this pair currently. We believe that there is a bit of a ceiling at the 1.50 level, so therefore it’s not until we get above there that we would even consider a long position.
