The GBPUSD pair found support at the 1.55 level during the session on Wednesday, forming a slightly positive yet neutral looking candle.

If we break the top of the range from the Wednesday session, we believe that this market will then head towards the 1.58 level given enough time.

We are most certainly in an uptrend lately, so therefore we have no interest in selling, and recognize that there is probably significant support down to the 1.54 handle in the immediate future. With this, we are buyers, and we recognize a short-term charts could be used for entries.

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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