The GBP/USD pair initially tried to rally during the course of the day on Wednesday, but turned around to form a bit of a shooting star. The shooting star of course is a very negative sign, and as a result it looks as if we are going to try to grind lower. The 1.28 level below is the absolute bottom of this support “zone”, so having said that it’s likely that this market will break down significantly below that area. In the meantime, expect short-term rallies that offer selling opportunities for short-term trades.
