GBP/USD fell hard on Wednesday as traders are starting to think that the Fed will not ease on Friday, thus punishing the Pound. The pair formed a shooting star on Tuesday, and then broke down - a classic technical move. The pair looks like it wants to fall further, perhaps to 1.61 if we get further downward pressure.
The USD/JPY pair is rising slightly due to the selling of US Treasuries and the higher yields coming out of America. The markets need to break a bit higher before we get long as the trend is so bearish, but until then - we are sitting tight. The 77.50 level is our mark to buy, with a possibility to reach as high as 80.
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