The GBP/USD pair rallied slightly during the day on Wednesday, as we continue to try to form some type of base in this area. Ultimately though, I believe that any rally will be sold off sooner or later, and I am looking for exhaustive candles after those rallies in order to start shorting. I think that the market will eventually try to break down below the 1.20 level, but it will probably take several attempts. With this being the case, I am not interested in buying, and I look at the 1.2850 level as the “ceiling” in this market overall.
