The GBPUSD pair initially rose during the course of the session on Wednesday, but turned right back around to form a bit of an exhaustive candle.

With this, it looks like we are going to test the 1.45 handle for support. This was previous resistance, and with that being the case it makes sense that the buyers would more than likely return in this general vicinity.

A supportive candle just below would be a nice buying opportunity. We believe that the support runs all the way down to the 1.44 level as well.

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the British Pound Sterling (GBPUSD), minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling (GBPUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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