GBP/USD had a tumultuous session on Wednesday as traders continue to weigh the “risk” trade in this environment. The 1.55 level is the start of a massive support, and it runs all the way down to the 1.53 level. This area should continue to give the market a bit of a lift, but the action has been quite bearish as of late, and we think it is only a matter of time before it gives way. The breaking of the 1.53 level would be a massively bearish signal, and would have us aggressively short. The rallies in this pair will continue to be sold by us until we break above the 1.57 level.
Written by FX Empire