Forex Marketz Daily Forex News – Fully Markets Update
Looking at the GBP/USD pair, the Wednesday session was very bearish as you can see, testing the 1.5250 level for support. If we can break down below the 1.52 level, this market should continue to go much lower and head towards the 1.50 handle given enough time. This is a market that continues to look bearish, and as a result we believe that the 1.55 level above is massively resistive, and that of course is an area that extends all the way to the 1.58 handle, as we should continue to see sellers step into this marketplace.
I believe that given enough time, we will prove that the 1.50 level below is massively supportive, and we are simply waiting to see whether or not this market continues to bounce around in this area. Quite frankly, it is not until we clear the 1.5, a level to the upside that we can feel comfortable owning this pair on a longer-term buy-and-hold type situation.