The GBP/USD pair fell hard on Wednesday as traders sold the Pound. The pair is approaching the 1.62 level, and will face support in this area. The market must close below the 1.62 level in order to push more selling into the market as it has been in consolidation for quite some time. The market looks weak, but until we get below that level – we are still just over support. The bullish case is hard to make in this pair as the highs are getting lower over time – a basic part of any down trend.
Written by FX Empire