The GBP/USD pair fell at the end of the session on Wednesday as the GDP estimates for the US have been downgraded, sending the market into a “risk off” mode. This will always hinder the cable pair, and as a result we feel that the market has topped out for the time being. The action over the last several weeks has been very poor, and the downtrend looks likely to continue going forward. The breaking of the Wednesday lows will have us shorting this pair once again as the candle simply looks like a negative one and has us thinking of selling in reaction to the obviously weak price action for the pair over the last 24 hours.

Click here a current GBP/USD Chart.

Originally posted here