The GBP/USD pair rose during the session on Wednesday as we approach the 1.65 handle again. This is an area that we think will be overcome sooner or later, but do recognize the fact that the large, round, psychologically significant aspect of the number will more than likely offer at least a little bit of resistance. Ultimately though, we feel that this market goes to the 1.70 level as the British pound has been so strong. Selling is not an opportunity that we wish to take, as the 1.63 level looks to be so supported below.
Written by FX Empire