The GBP/USD pair shot much higher during the session on Wednesday, breaking above the recent highs, but then pullback as the FMOC announced that they were in fact going to go ahead and start tapering the bond buyback purchase program, albeit slightly. Going forward, we feel that this market will continue to be somewhat bullish though, as the British pound seems to be a bit of an anomaly when it comes to the US dollar. In the meantime though, with this ugly candle we think it’s probably best to sit out and let the market settle down before we please any type of trade.
Written by FX Empire