The GBP/USD pair initially tried to rally against the course of the session on Tuesday, but broke down significantly and more importantly below the 1.54 handle. Because of this, we feel this market will continue to drift lower, but should find support at the 1.52 level. With this, we feel that a break down below the lows of the Tuesday session is a short-term selling opportunity at this point in time. However, if we break down below the most recent low, we feel the market would then again go lower, reaching towards the 1.50 handle.
