The GBP/USD pair tried to rally on Thursday but turned around to form a bit of an exhaustive candle. The exhaustive candle shows that the bearish pressure continues on the British pound overall, as we should then reach towards the 1.21 level underneath, and then the 1.20 level underneath that. If we break the top of the shooting star, that is a bullish sign, but it should only be for a very short-term move at best. I believe that downward pressure continues over the longer-term, so I look at rallies as selling opportunities.
Written by FX Empire