The GBP/USD pair had a fairly negative session on Wednesday, as the world continues to run toward safety asset such as the US dollar.

However, we are getting close to a significant amount support that extends all the way down to the 1.52 level, so we are waiting to see whether or not we get some type of supportive candle in order to start buying.

We have no interest in selling at this point in time, simply because we will have missed that move already.

If we do break down below the 1.52 level though, we feel that this market falls much farther.

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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