GBP/USD had a bearish session on Wednesday as the markets continue to worry about all things European. The risk appetite just wasn’t there for people to buy the cable, and as is so often the result, they simply sold. However, the market is coming upon a larger support area in the form of the 1.5650 level, which is also the 61.8% Fibonacci retracement level. The area looks rather supportive, so we would be interested in buying if we get the right supportive candle in the area. As for selling, we feel that doing so would be chasing the trade at this time.
Written by FX Empire