The GBP/USD pair fell hard during the session on Wednesday, but found the 1.6350 level be supportive yet again. Because of this, we feel that the British pound is essentially “on sale”, and as a result would buy supportive looking candles in this general vicinity. The market is bullish, and looks to be trying to build momentum to the upside and aiming for the 1.65 resistance barrier. If we can get above there, we see no reason why this market will go to the 1.70 handle over time. Selling isn’t a thought at the moment, we think any pullback is simply an opportunity to buy.
Written by FX Empire