The GBP/USD pair fell apart on the Wednesday session as the “risk off” trade continued. The 1.5650 level gave way in short order, and the 1.55 level has even been violated at this point. The pair will continue to suffer as the risks in Europe make traders bring money back to North America. The pair should continue to suffer at the hands of the bears as the market now looks set to push down to the 1.53 level. The level could be a supportive area, and certainly the Pound isn’t as unloved as the Euro, so there is a chance that the area offers serious support. If it doesn’t we could be falling for much longer than anticipated. As for buying – we don’t.
Written by FX Empire