The GBPUSD pair fell significantly during the course of the day on Wednesday, as we found quite a bit of resistance in the area of 1.34 above.

This of course is an area that has caused quite a bit of resistance recently, so it’s not a big surprise that we turned back around.

I believe that a break down below the bottom of the range for the session on Wednesday could be a selling opportunity in the market should reach down to the 1.3050 level.

On the other hand, if we can break above the 1.3650 level, the market will go much higher.

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