The GBP/USD pair broke down during the course of the session on Friday, as we need a fresh, new low. Ultimately, we believe that this market heads down to the 1.45 level, and that rallies should offer selling opportunities given enough time. We believe that the 1.48 level above is going to be resistive, and that the resistance extends all the way to at least the 1.50 level. It is not until we get above the 1.52 level that we would consider buying, simply because there so much in the way of bearish pressure.
