The GBP/USD pair rose on Thursday as the hammer from the Wednesday session was triggered for a buy signal. However, towards the end of the session, the buying abated and even formed a 4 hour shooting star at the 1.58 level. We mentioned that we didn’t like buying this market because the 1.60 looked far too strong to fight, and it appears that we may be proven correct. A breaking of the lows on Wednesday sends this pair much lower, perhaps to 1.53 before serious support comes into play. We won’t buy until the daily close above 1.61 or so.
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