The GBP/USD pair rose quite a bit during the first part of the Wednesday session, only to pull back in the later hours of the session. The 1.57 level held
The GBP/USD pair rose quite a bit during the first part of the Wednesday session, only to pull back in the later hours of the session. The 1.57 level held as support, and this is bullish for this pair, but with the global markets constantly working against worry, any longs in this pair will be overly dependent on the global risk appetite. The headline driven markets are sure to make this pair very volatile over the longer-term, and as such we are very careful about entries. The 1.57 simply must hold if you are to buy this pair on dips. If it gives way – this will become a very bearish market quickly.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
