The GBPUSD pair fell during the course of the day on Wednesday, but as you can see remains above the support of 1.63 level.

With that being the case, the market looks as if the gap below is probably going to be tested yet again, and we believe that buyers should step into the market in that general vicinity.

If we get a supportive candle in that area, we believe that the market will then head to the 1.66 handle. On the other hand though, if we break down below the 1.6250 level, we are probably heading to the 1.60 handle.

We do favor the upside though at this point in time.

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.

Content curiosity of FOREXCycle