The GBP/USD pair went back and forth during the course of the session on Thursday, but still shows a significant amount of resistance near the 1.45 handle. In fact, we believe that the resistance goes not only above the 1.45 level, but extends all the way to the 1.46 level. Any resistive candle on a rally should have this market falling, and as a result we would love to sell that resistive candle as it shows a continuation of the downtrend. We have no interest whatsoever in buying this market right now, and believe that if we don’t get a bounce, a simple break down below the bottom of the consolidation area would work as well.
