The GBPUSD pair had a pretty volatile session during the day on Wednesday, as we touched the 1.58 level, and then turned back around to break below the 1.57 level.

Ultimately though, the 1.57 level did offer a bit of support, and now the market simply looks like it is trying to find enough momentum to start bouncing again.

We believe ultimately that this market should go higher, but quite frankly don’t have the signal to start buying quite yet.

We certainly wouldn’t sell this market though, because we believe that there is more than enough support all the way down to the 1.55 handle.

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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