The GBP/USD pair rallied hard during the session on Wednesday, slicing through the 1.5250 level like it wasn’t even there. That being the case, this market does look like it’s trying to bounce from here significantly, and a move above the highs for the session is in fact a buy signal towards the 1.54 handle or so. Alternately, we could see a move all the way up to the 1.55 handle, and then start selling again. With the massive candle that we have seen for the session on Wednesday, we are not ready to start selling yet again, as we need to see some type of resistive candle to consider it. With the Americans being away at Independence Day celebrations today, and the nonfarm payroll number on Friday, this pair could be very volatile.
Written by FX Empire