The GBP/USD pair broke down during the course of the session on Tuesday, crashing into the 1.48 level. We haven’t broken down completely though, and as a result we believe that there could be a little bit of a bounce. If we get below the 1.4750 level, we feel the market will then head to the 1.45 handle. Ultimately, we believe that this market does in fact break down, but we are cognizant of the fact that we could get a bounce here and there. We have no interest in buying at this point in time.
