The GBP/USD pair rallied during the session on Wednesday, but as you can see found for what the 1.56 level yet again. Because of the pullback, it’s obvious that we are still within the recent consolidation area, which is relatively tight being only 100 pips tall. That being the case, we think that this will remain a short-term traders market, and as a result we think that shorter timeframe charts will have to be used in order to glean any type of trading ideas. Regardless, we feel much more comfortable going long of this pair then shorting it, and would certainly adhere to that on the short time frames as well.
Written by FX Empire