The British pound initially fell on Wednesday but found a little bit of support to turn things around and form a hammer. The GBP/USD pair has been grinding its way to the upside ever so slightly over the last couple of weeks, and it looks as if we are going to continue to do so. Because of this, I remain a bit cautious about shorting this market, but I don’t necessarily like buying it either. I remain on the sidelines as the pair tends to be a bit choppy now, and quite frankly it’s easier to trade the British pound against other currencies.
GBP/USD daily chart, November 24, 2016