The GBP/USD pair had a fairly quiet session on Wednesday, as it retested the lows from Tuesday but failed to stay down there. The resulting candle is somewhat of a hammer, but to use that term would be giving it a bit too much credit. We think this market is looking to consolidate with a down word tone to it, and that the 1.58 level will continue to offer significant resistance. Because of this, we are looking for a small short-term rally to start selling again. We will find our entry on the shorter-term charts, and dip in and out of this market, selling it as often as it bounces.
Written by FX Empire